Representatives from all three levels of government formalized an agreement on last Friday to invest $ 98.2 million to extend the existing agreement with the Formula One group and developer Race Group Octane to ensure the continuity of the event.
Canada government has confirmed it intension to provide financial assistance of up to $ 36.2 million to the Montreal government so that it can pay the fees for holding the GP from 2025 to 2029 inclusive.
During a press conference held on last Friday, Montreal Mayor Denis Coderre also announced that the Quebec government will also contribute $ 18 million to improve the circuit facilities, including paddocks.
“It took us a while but we did it,” Coderre told media. “It was important for reasons of stability to ensure the continuity of the event.
“With these five additional years, we can have a long-term vision of the Grand Prix in Montreal.the work for the new paddocks will begin immediately after the 2018 race and will be ready for 2019.” he added.
Mayor Coderre told that he does not want to revisit the imbroglios that led to delays in the development of the new paddocks or the increase in the bill.
“We are now looking forward. There was a situation to settle, we went into mode and we settled it. Today, it is a source of pride to be able to add another five years to the agreement.” Conderre said.
The repair of the garages, the control tower and the medical center were part of the conditions of the previous agreement and the former great fighter of F1, Bernie Ecclestone, brandished the threat last year to withdraw his GP in Montreal faced with delays in the promised work.
Just like Montreal Mayor Denis Coderre, Federal Transport Minister Marc Garneu, Quebec Tourism Minister Julies Boulet, and Minister for the Montreal Region Martin Coiteux, recalled the importance of the Grand Canada’s Prize in the City’s economy.
Montreal Mayor Denis Coderre. (Source:www.montrealgazette.com)
“The return on our investment is excellent,” Garneu said. “This is one of the most important economic spin-offs in Canada, with real benefits. It is an effort between several groups to not only educate but also to put into place measures to prevent anyone from trying to do anything.” he added.
