Miami Commissioners To Vote On Asking State To Fund F1 Grand Prix
City of Miami commissioners "will vote next week on whether to urge" Florida Gov. Rick Scott to "fund the plans" for an F1 Grand Prix there, according to Christian Sylt of FORBES. A decision on "whether to give the race the green light was due to take place on Thursday but has since been postponed to September in the face of opposition from Miami residents." The details are "contained in the proposed Host City Agreement" between F1, the city and Dolphins Owner and race promoter Stephen Ross. It states that the City "shall credit the Promoter each year commencing" in October '19, for $1.5M of "City Services." It also states that beginning in '20 the VIK Cap "shall be increased" by 3% each year, on a "compound basis." It appears that the authorities in Miami "want the state of Florida to fuel this payment" (FORBES.com, 7/19).