Posting Language
Title
Approve a resolution to authorize 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 Office of the Governor for the FIA World Endurance Championship events to be held at the Circuit of the Americas facility. Funding: This item has no fiscal impact.
De
Lead Department
Economic Development.
Fiscal Note
This item has no fiscal impact.
Prior Council Action:
September 14, 2023 - Council approved Resolution No. 20230914-010, which authorized the Circuit Events Local Organizing Committee (CELOC) to act on the City’s behalf for the purposes of paying for and conducting economic studies and submitting applications to the Texas Governor’s Economic Development and Tourism Office for Texas Events Trust Fund determinations for the FIA World Endurance Championship (WEC) Lone Star Le Mans events for the 2024-2028 events held at the Circuit of the Americas (COTA), on an 8-0 vote.
December 13, 2012 - Council authorized Resolution No. 20121213-095, authorized CELOC to act on the City’s behalf for purposes of conducting economic studies and submitting applications to the Texas Comptroller of Public Accounts for Texas Event Trust Fund determinations for the American Le Mans Series and WEC, on a 5-2 vote.
For More Information:
Anthony Segura, Interim Director, Economic Development Department, 512-974-3187; Julian F. Perez, Contract Management Specialist, 512-974-7788.
Additional Backup Information:
Austin’s COTA has secured the winning bid to host the FIA WEC event at COTA from 2025 through 2034. Le Mans Endurance Management, a company incorporated under the laws of France, is the site selection organization for FIA WEC.
Under the Texas Events Trust Fund, the WEC was held at COTA in 2013 and 2014. From 2015 through 2017, the WEC was a component of the Lone Star Le Mans event. The FIA WEC Lone Star LeMans was also held at COTA in 2024.
The Texas Legislature established the Major Events Reimbursement Program (MERP), as set forth in Chapter 478 of the Texas Government Code. The chapter sets out the requirements that events must meet before the Governor’s Office will establish events as eligible to receive funding.
This resolution will give CELOC the ability to act on the City’s behalf in applying for funding from the MERP for the FIA WEC events from 2025 through 2034. The resolution will also allow CELOC to submit applications and other necessary documents to the 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.