Public loan for Miami's GP of the Americas
It has emerged that Raceworks, the promoter of this October's inaugural Grand Prix of the Americas in downtown Miami, has been loaned $2m of public money by the Miami Sports & Exhibition Authority. The quasi-independent city agency promotes sports, conventions and exhibitions utilising the Florida city's facilities. The loan is subject to an interest rate of 6.25 percent and must be repaid within five years
The ambitious new race meeting on October 4-5-6 will feature all three of America's standout road racing championships - the FedEx Championship Series, the and the BF Goodrich . The event will be held in the city's waterside Bayfront Park.
Raceworks was founded by two Miami businessmen, motorsport attorney Peter J. Yanowitch and architect and developer Willy Bermello.
The major funding for the MSEA comes from the city's Convention Development Tax (CDT), the 3 percent surcharge added to all visitors renting hotel and other accommodation for less than six months. Miami-Dade County collects these monies, and the MSEA receives one-third.
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