Starter’s Flag is waved on Townsville V8 Supercars event

Sport Minister Judy Spence and Townsville Mayor Les Tyrell today announced that the Queensland Government and Townsville City Council have agreed on financial terms to bring a V8 Supercar Event to Townsville.

Minister Spence and Councillor Tyrell confirmed that both the State and Council will chip in an additional $2.29 million each to meet the cost increase from the original $25 million.

Ms Spence said: “We are now in a position to start serious work for this event to go ahead.

“The Mayor and I agree the event is a show stopper for Townsville and North Queensland and this is a great example of the State and local government working together to achieve an outcome which is great for both the State and the local community.

“The increased infrastructure costs reflect cost increases in building supplies and normal increases in delivery costs since the project was costed two years ago.

“The State, Council, V8 Supercars Australia and specialist engineers have spent the last week pouring over the budget to make sure that all possible cost savings were considered without compromising the success of the event.

“We have now all agreed on a total revised construction budget of $29.58 million, which represents a $1.2 million saving on the cost estimates supplied to the Government earlier this year,

“I am also debating in Parliament today special legislation that will allow the staging of the annual Townsville V8 race,” Ms Spence said

Councillor Tyrell said: “Now that we have managed to find some savings on this project I will be recommending to Council at the next meeting that it formally approves this expenditure.

“This will enable construction of a multipurpose pit building an exciting and dynamic racing track and revegetate and improve the Reid Park area for the Event and the local community.

“I am happy with the outcome which I think is a fair deal and I thank the State Government for its ongoing support of the event,” Councillor Tyrell said.

The agreement will see the total up front commitment by the Queensland Government for construction of the precinct to$14.61. Townsville City Council’s up front commitment will rise to $4.97 million, with the Federal Labor Government committing $10 million.

In addition, the Queensland Government will also provide $2.5 million annually, for 5 years, towards staging costs.

V8 Supercar Australia Chairman Tony Cochrane said: “I am delighted that the Event is proceeding and I’m confident it will be a major success.

“V8 Supercars Australia is committed to delivering a top quality event which will not only be a highlight of the V8 Supercar series but also showcase Queensland as a premier sporting and tourism destination.”

Ms Spence: “The agreements reached between the State Government and the Mayor will enable us to get on with the job of delivering an event precinct for July 2009.

Minister’s office: 3239 6218