Posting Language
Title
Approve a resolution authorizing the Circuit Events Local Organizing Committee to act on behalf of the City for the Texas Major Events Reimbursement Program for the purpose of conducting economic studies, submitting applications, and submitting any required funding to the Texas Office of the Governor for the National Association for Stock Car Auto Racing, LLC events to be held at the Circuit of the Americas facility. Funding: The Circuit Events Local Organizing Committee is responsible for all funds required to be submitted to the State. No fiscal impact to the City.
De
Lead Department
Economic Development.
Fiscal Note
This item has no fiscal impact.
Prior Council Action:
October 27, 2022 - Council approved Resolution No. 20221027-009 authorizing the Circuit Events Local Organizing Committee (CELOC) to act as the endorsing municipality for application for the National Association for Stock Car Auto Racing, LLC (NASCAR) events to be held at the Circuit of the Americas (COTA) facility in Austin from 2023 through 2025.
November 18, 2021 - Council approved Resolution No. 20211118-010 authorizing CELOC to act on behalf of the City for the Texas Major Events Reimbursement Program for the purpose of conducting economic studies, submitting applications, and submitting any required funding to the Texas Office of the Governor for NASCAR events to be held at the COTA facility.
February 4, 2021 - Council approved Resolution No. 20210204-007 authorizing CELOC to act on behalf of the City for the Texas Events Trust Fund for the purpose of conducting economic studies, submitting applications, and submitting any required funding to the Texas Office of the Governor for NASCAR events to be held at the COTA facility.
For More Information:
Anthony Segura Interim Director, Economic Development Department, 512-974-3131; Julian F. Perez, Contract Management Specialist, 512-974-7788.
Additional Backup Information:
Austin’s COTA has secured the winning bid to host the NASCAR events from 2026 through 2030. NASCAR Event Management, LLC is the site selection organization for NASCAR events. In Resolution No. 20221027-009, Council approved authorizing CELOC to act on the City’s behalf to apply for funding from the Major Events Reimbursement Program (MERP) for the 2023 through 2025 events. The Texas Legislature established the MERP as set forth in Chapter 478 of the Texas Government Code. The statute sets out the requirements that events must meet before the Texas Governor’s Office will establish events as eligible to receive funding. This resolution would give CELOC the ability to act on the City’s behalf in applying for funding from MERP for the NASCAR events from 2026 through 2030. The resolution would also allow CELOC to submit the application and other necessary documents to the Texas Governor’s Office. The resolution mandates that all of the requirements in the current contracts between COTA, CELOC, and the City remain in effect, and recognizes that CELOC is responsible for all funds required to be submitted to the State to be eligible for funding from the MERP.