City council has approved a deal to raise $3 million in hopes of getting the Indy race back in our city. The city voted in favour a creative funding strategy that would enlist the help of some private investors.
Councillors have agreed on a plan that would see a new track built with businesses offering up $1 million and the city pays for the other $2 million through revenues made from new parking near the track. The city intends to pay the $2 million back over two to five years.
The city had been in negotiations since the summer with Octane Motorsports to have them take over the event from Northlands.
Earlier this month, a confidential document obtained by CTV News stated the group could not reach an agreement with the city.
Octane released a statement following the city's announcement saying the group would not offer fans an Indy racing event in Edmonton next year.
One key stumbling block between the two parties was the additional few million necessary to keep the race in Edmonton. At that time, the city wasn't willing to pay the $3 million for modifications at the City Centre Airport.
Following that, two private investor groups, including Race Week Edmonton and Go Indy, asked city council to let them help save the race. And councillors unanimously voted to try.
Race Week Edmonton has been eager from the start to step up.
"It's extremely exciting and extremely gratifying that the efforts of both administration and ourselves got this to the point where it is," said Richard Skermer with Race Week Edmonton.
But not all councillors are on board with putting more money into a race that has lost cash, especially without federal help.
"I can't support proceeding with it, just because I don't think the City of Edmonton alone should be paying for it," said Coun. Don Iveson.
Octane would not comment on the recent developments but told CTV News they will likely issue a statement sometime next week. But city managers and race supporters believe the outcome will be positive.
"Everything has been very encouraging to this point. I don't see any reason why not," said Skermer.
A spokesperson with Indy said they are hopeful something can be worked out. It's still up to Octane to negotiate the details.
With files from Bill Fortier
