Edmonton IndyCar race back on City council has voted to restore the Edmonton Indy. To make up for a $3 million breakdown in contract negotiations, the city will use $1 million from private partners, and the remaining $2 million from new parking revenue.
City council was asked Friday to increase its Indy budget by $3 million, cash that will now come from private partners and parking revenues.
Modifications to the Indy track and public areas are estimated to cost $3 million.
A standstill in negotiations between the city and Octane Racing last month put the Edmonton Indy in question.
Octane needed millions more to keep the race operational. That was on top of the $5.5 million the city agreed to pay Octane over the next three years.
After examining the City Centre Airport site, Octane returned to the city with a cost estimate of $3.2 million to upgrade Runway 1634. Edmonton Sun (Related article)
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