SurfaceUnits
11-02-10, 11:07 AM
Taking a que from TOney GOrge hisself
Grand Prix organizers miss deadline for stadium payment
The organizers of the Baltimore Grand Prix race failed to make an $800,000 bond payment this month for a $1.9 million project to convert Camden Yards parking lots into a pit lane for race cars because, in part, of the group's limited cash flow.
The Maryland Stadium Authority has agreed to a new payment plan under which the racing group will pay $150,000 next week, with an additional $750,000 coming in two installments before the end of the year.
Mike Frenz, the authority's executive director, said the racing group asked for more time because it has "a variety of cash-flow needs."
The performance bond funds were to be deposited in an escrow account to guarantee payment for the extensive project — which includes uprooting trees and removing fences, curbs and light fixtures to clear an area for refueling, tire changes and repairs during the three-day racing festival scheduled for next Labor Day weekend.
The racing group has not secured a title sponsor for the inaugural festival and has not begun to sell tickets.
Event promoter Jay Davidson has said that tickets are to go on sale next month and that the group is close to completing negotiations with a corporate sponsor that would pay "in the low seven figures."
The city has pledged $7.75 million for roadwork in preparation for the race, including moving curbs and medians, and laying new concrete and asphalt. P. Flanigan & Sons was awarded a $4.2 million contract to work on the two-mile course.
The city's public works department has embarked on $750,000 project to replace and strengthen pipes under the course in an effort to prevent a water main break.
Work on the stadium, which is slated to begin early next month, will involve converting two parking lots along Conway Street into a pit area. The project involves installing stretches of concrete that the cars need for servicing; if tire changes were made on asphalt, jacks and other equipment could sink into the surface.
Race organizers have agreed to pay back the construction costs, and 12 percent interest, over five years, said Frenz, the stadium authority's executive director.
If the racing group is unable to pay the $900,000 by the end of the year, the stadium authority would "have to reconsider, up to and including stopping construction," he said. But he said authority officials had thoroughly reviewed the group's financial statements and were assured that the payments would be made.
"We're the ones putting up this money for the state, and it's our intention to get that money back," Frenz said.
Quote:
"But engineers are still scouting out a solution to one potential snag: light rail tracks that cross the course near Camden Station. The tracks at the intersection of Howard and Conway streets are too high for the low-slung cars to zoom over, but removing them would be costly and disruptive to rail service...MTA officials balked at a proposal by race staffers to grind down the rails. The two sides have struck a compromise: the tracks can be temporarily covered from Thursday night until Tuesday morning.
"The design challenge is that we have to cover the railroad tracks with something smooth and resilient enough to not be disturbed by the enormous power of a race car, but that we can install in a night and remove in a night," said Thake, who has designed race courses around the world. "To my knowledge, that's never been done before."...he has designed two wide turns flanking the tracks, in order to slow drivers down.
Pete Hilton, chair of the motorsports engineering program at Indiana University- Purdue University Indianapolis, says designing a safe and durable cover for the tracks will be no easy feat. The cars exert an enormous amount of force, and the wheels are capable of ripping up loosely fastened objects, he says, and any changes to the racing surface could have a profound impact on the cars.
...
Shutting down a section of the light rail during an event that closes many downtown streets and limits access to parking lots, meanwhile, could lead to transportation nightmares. MTA officials plan to run a bus bridge between open light rail stops, but need to map a route that won't leave buses snarled in race traffic."
...
THe IRl: Dead once and bankrupt the 15 years prior
Grand Prix organizers miss deadline for stadium payment
The organizers of the Baltimore Grand Prix race failed to make an $800,000 bond payment this month for a $1.9 million project to convert Camden Yards parking lots into a pit lane for race cars because, in part, of the group's limited cash flow.
The Maryland Stadium Authority has agreed to a new payment plan under which the racing group will pay $150,000 next week, with an additional $750,000 coming in two installments before the end of the year.
Mike Frenz, the authority's executive director, said the racing group asked for more time because it has "a variety of cash-flow needs."
The performance bond funds were to be deposited in an escrow account to guarantee payment for the extensive project — which includes uprooting trees and removing fences, curbs and light fixtures to clear an area for refueling, tire changes and repairs during the three-day racing festival scheduled for next Labor Day weekend.
The racing group has not secured a title sponsor for the inaugural festival and has not begun to sell tickets.
Event promoter Jay Davidson has said that tickets are to go on sale next month and that the group is close to completing negotiations with a corporate sponsor that would pay "in the low seven figures."
The city has pledged $7.75 million for roadwork in preparation for the race, including moving curbs and medians, and laying new concrete and asphalt. P. Flanigan & Sons was awarded a $4.2 million contract to work on the two-mile course.
The city's public works department has embarked on $750,000 project to replace and strengthen pipes under the course in an effort to prevent a water main break.
Work on the stadium, which is slated to begin early next month, will involve converting two parking lots along Conway Street into a pit area. The project involves installing stretches of concrete that the cars need for servicing; if tire changes were made on asphalt, jacks and other equipment could sink into the surface.
Race organizers have agreed to pay back the construction costs, and 12 percent interest, over five years, said Frenz, the stadium authority's executive director.
If the racing group is unable to pay the $900,000 by the end of the year, the stadium authority would "have to reconsider, up to and including stopping construction," he said. But he said authority officials had thoroughly reviewed the group's financial statements and were assured that the payments would be made.
"We're the ones putting up this money for the state, and it's our intention to get that money back," Frenz said.
Quote:
"But engineers are still scouting out a solution to one potential snag: light rail tracks that cross the course near Camden Station. The tracks at the intersection of Howard and Conway streets are too high for the low-slung cars to zoom over, but removing them would be costly and disruptive to rail service...MTA officials balked at a proposal by race staffers to grind down the rails. The two sides have struck a compromise: the tracks can be temporarily covered from Thursday night until Tuesday morning.
"The design challenge is that we have to cover the railroad tracks with something smooth and resilient enough to not be disturbed by the enormous power of a race car, but that we can install in a night and remove in a night," said Thake, who has designed race courses around the world. "To my knowledge, that's never been done before."...he has designed two wide turns flanking the tracks, in order to slow drivers down.
Pete Hilton, chair of the motorsports engineering program at Indiana University- Purdue University Indianapolis, says designing a safe and durable cover for the tracks will be no easy feat. The cars exert an enormous amount of force, and the wheels are capable of ripping up loosely fastened objects, he says, and any changes to the racing surface could have a profound impact on the cars.
...
Shutting down a section of the light rail during an event that closes many downtown streets and limits access to parking lots, meanwhile, could lead to transportation nightmares. MTA officials plan to run a bus bridge between open light rail stops, but need to map a route that won't leave buses snarled in race traffic."
...
THe IRl: Dead once and bankrupt the 15 years prior