LETTER: Formula 1 and the local economy
David Englehardt’s excellent review of the F1 profitability on questions if the race actually made any net profit after all claims against it are settled (Friday letter to the editor). One claim in particular — the affected business losses due to customer/business access — is unquestionable.
The property taxes alone entitle the owner to upkeep and accessibility of the roads in and around the business. If the property cannot be used for its intended purposes, and is controlled by the government, then the result will be the same as in the Badlands golf course issue, where the court ruled in favor of the business because the city did not allow the property to be used for its legal intended purpose. The city now must reimburse the business for its actual losses.
