NASCAR recently cut a check for nearly $120,000 to the city for its portion of ticket sales, food, beverage and merchandise for the 2023 race.
Mayor Brandon Johnson’s decision to bring a
’s 100,000 attendee projection — and just under $8.3 million in estimated state and local taxes, below the projected $8.9 million. Overall, the economic impact of $109 million was also lower than the Cup Series in Grant Park in Chicago on July 2, 2023. The deal for the 2024 race will require that is “committed to addressing those costs associated with putting on the event.” “At least we won’t be losing anything from a financial standpoint,” next year, and could learn from the traffic impacts from year one and make the event less of a “burden for residents,” Johnson adviser Jason Lee said in an interview with the Tribune. “When you have that kind of rain, to just knee-jerk have a response to, ‘Let’s just get rid of it,’ to me, was not judicious enough,” Lee said.
obviously made out very lucratively, even with the weather keeping the crowd down and cancellation of the concert … we just didn’t really benefit from this, that’s obvious at this point.” “Compared to Lollapalooza, it’s not even close,” Hopkins said, noting he would have liked the city to try to capture a portion of
will pay next year, the race company’s fee rates are scheduled to climb. The base permit cost, according to the Park District agreement, will increase to $550,000 in 2024 and the city’s percentage cut of food, beverage, and merchandise will jump from 15% to 20%. Still, aldermen expressed concerns about how much the city spent and received from
, in addition to the $500,000 permit fee, paid the city for 37,195 tickets sold. Under the permit agreement, that fee charge did not apply to did pick up some costs for restoring green spaces to “the same condition” they were before the race. Park District records show also agreed to pay the cost of lost business for owners directly displaced during race setup and takedown. Six businesses sought $133,565 for lost revenue as a direct result of the race setup and tear down. A spokesperson for
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