John Corn
01-11-03, 11:20 AM
01/09/03
Cleveland Plain Dealer
Mark Rollenhagen
Plain Dealer Reporter
City Council's Aviation Committee yesterday approved a new five-year lease that allows the Cleveland Grand Prix to continue at Burke Lakefront Airport through 2007.
The agreement with race promoter IMG Motorsports-Cleveland Inc. now must be approved by the Finance Committee and the full council on Monday. A previous five-year lease expired after last July's race.
IMG must pay the city rent ranging from $80,000 this year to $100,000 by the end of the lease. It also must pay 5 percent of gross revenues above $5 million. In addition to the rent, IMG is responsible for covering city costs for services including police and fire protection, trash pickup and park maintenance.
This year's race is scheduled for July 6.
The lease does not require IMG to hold the auto race and says the firm can cancel the agreement at any time if the race is not sanctioned by the Championship Auto Racing Teams (CART) tour.
Graham Hearns, who directs the Grand Prix for IMG, told the committee that the event pumps more than $20 million a year into the Cleveland economy. The race also provides weeks of work for laborers who set up grandstands and tents.
Officials are looking at the possibility of racing on a Saturday night, but Hearns said it would take a massive lighting effort.
I LOVE CART.....this is really the only race I get a chance to go to. :)
Cleveland Plain Dealer
Mark Rollenhagen
Plain Dealer Reporter
City Council's Aviation Committee yesterday approved a new five-year lease that allows the Cleveland Grand Prix to continue at Burke Lakefront Airport through 2007.
The agreement with race promoter IMG Motorsports-Cleveland Inc. now must be approved by the Finance Committee and the full council on Monday. A previous five-year lease expired after last July's race.
IMG must pay the city rent ranging from $80,000 this year to $100,000 by the end of the lease. It also must pay 5 percent of gross revenues above $5 million. In addition to the rent, IMG is responsible for covering city costs for services including police and fire protection, trash pickup and park maintenance.
This year's race is scheduled for July 6.
The lease does not require IMG to hold the auto race and says the firm can cancel the agreement at any time if the race is not sanctioned by the Championship Auto Racing Teams (CART) tour.
Graham Hearns, who directs the Grand Prix for IMG, told the committee that the event pumps more than $20 million a year into the Cleveland economy. The race also provides weeks of work for laborers who set up grandstands and tents.
Officials are looking at the possibility of racing on a Saturday night, but Hearns said it would take a massive lighting effort.
I LOVE CART.....this is really the only race I get a chance to go to. :)