HomeMy WebLinkAboutExhibitCITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO:
FROM:
Honorable Mayor and City
Commissioners
Emilio
City Ma
Ph.D.
DATE'July 16, 2018 FILE: 4509
SUBJECT:
REFERENCES:
ENCLOSURES:
Formula 1 Miami Grand Prix
Background
On May 10th, 2018, the City Commission directed the City Manager to enter into negotiations with Formula One
Championship Limited ("Formula One") and their promoter to bring to the City of Miami the Formula 1 Miami Grand Prix
("Event"). Since that time, the parties have been negotiating terms for a ten (10) year racing Event to occur every October
starting in 2019 in downtown Miami, Florida, also utilizing parts of Bayfront Park. Formula One races, tracks and
construction can only be maintained by their approved designers and no other party can provide the same type of event
at Formula One. The City desires to assist Formula One with this event through Section 29 of the Charter of the City of
Miami, Florida, as amended ("City Charter"). In accordance with the Charter and with Section 18.182 of the Code of the
City of Miami, Florida, as amended, ("City Code") the proposed use of the property would be in the best interests of the
City and the greater Miami -Dade communities.
Formula one is one of the most popular sports in the world with over 500 million fans globally, hosting twenty-one (21)
races across five (5) continents, in locations from Australia to Abu Dhabi. Formula One races are broadcasted live in over
200 territories worldwide, with a cumulative audience of 1.8 billion TV viewers each season. Formula One delivers
significant economic benefit to its host locations; the Formula One United States Grand Prix at the Circuit of the Americas
delivered $2.8 billion of total economic benefit to the Austin, Texas metro area between 2012 and 2015. Formula One
generates a material uplift in tourism activity and in 2017, on average over 200,000 people attended each Formula One
Grand Prix race weekend, including a large number of international visitors. Additionally, similar to the World Cup,
Formula One provides host locations with significant global exposure and media value. Although each race requires
certain specialized trades, the event will provide the City with year round and race week employment and economic
activity as well as volunteer opportunities, to provide racing enthusiasts with not only the racing event they have come to
expect, but the opportunity to share in the experiences of Formula One.
Recommendation
In light of the above stated, approval waiving the requirements of Section 29-B of the City Charter and Section 18-182 of
the City Code and the affirmation of these written findings and forwarding same to the City Commission for ratification
by a four -fifths (4/5ths) vote is respectfully requested.
APP /DISSAPPROVAL (CI"CLE •I\NE)
Emilio T. Gonzalez, City M