Cape Town to bid for F1 race
01/03/2007 10:44
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Cape Town - A private sector initiative to build an F1 race track near Cape Town, has been announced on Thursday
Mayoral committee member of economic development and tourism, Simon Grindrod has announced his department's support for a private sector initiative which is proposing a R4 billion investment into the Cape Flats.
The proposed multi-billion rand investment will take the form of a Formula One race track, as well as a commercial and industrial park that would see thousands of jobs being created for the surrounding poorer communities.
The development envisages a site adjacent to Cape Town International Airport and includes land owned by Acsa, the city and the province.
Grindrod, whose portfolio is tasked with creating private sector investment and jobs, said:
"I believe that Cape Town would benefit enormously from securing a world-class Formula 1 race track on land that largely could not be used for housing due to its close proximity to the airport.
"The fact that Bernie Ecclestone has offered such a facility to South Africa is an enormous opportunity. Cape Town and the province must waste no time in exploring the feasibility of this project before a city like Durban snaps it up."
Executive deputy mayor Charlotte Williams has also highlighted the job creation and social upliftment possibilities offered by the proposal.
The project has not yet been formally endorsed by the Province. Grindrod has been asked to present the proposal to the city mayoral committee and will recommend that the city take full advantage of the initiative.
"This initiative can create a life-belt for the poorer communities, especially those that surround the proposed development of the F1 race track," the deputy mayor said.
A series of meetings have been held to date at provincial and local government level with representatives of the SA Grand Prix Corporation, but Grindrod on Thursday committed his department to doing everything in its power to make this project happen.
Grindrod stated that senior officials in the Economic Development department were available to sit on a Local Organising Committee which must be formed to urgently co-ordinate and undertake all the activities necessary for a viable F1 licence application to be presented to F1 supremo, Bernie Ecclestone, during the course of this year.
It is proposed that a steering committee comprising of representatives of the SA GP Corp, ACSA, Wesgro, Western Cape Government and city officials, will explore the viability of the commercial and industrial development of the currently vacant state land that lies to the south of the proposed new F1 circuit and to the west of the new Symphony Way extension between the Stellenbosch Arterial road and the N2.
The Chief Executive of the SA Grand Prix Corporation, David Gant, said that the proximity of the developable land to the planned new airport runway made it unsuitable for housing and that the surrounding community, the airport itself and the F1 track would derive enormous benefits from the commercial and industrial development thereof.
Gant said that the development of the F1 track and infrastructure and the commercial and industrial development of the adjacent land could require an investment of some R4bn over time and would provide huge job opportunities representing a much needed economic boost for the area.
"Unlike most other countries that host the F1 Grand Prix, we are not asking Government to subsidise the event, but we need to financially underpin the construction of the circuit and produce the guarantees for the licence to stage the F1 and MotoGP events.
"This can be achieved from the revenue streams from the proposed commercial and industrial developments."
Gant said that Cape Town had been identified as one of the top 10 best locations in the world to hold sports events and that a world class soccer stadium combined with a state of the art motor sports venue would promote sports tourism for the province and the city in an unprecedented way.