Hello Texas Mile Participants & Fans, We need your immediate help to keep The Texas Mile going. The Bee Development Authority (BDA) approved the contract for The Texas Mile 2014 events. This is good news; however, the BDA did not vote to lower the insurance requirement. We provided the BDA with compelling evidence that proved the Motorsport Industry Standard for insurance is $5 million dollars. Even with the provided evidence the BDA chose to keep the insurance policy the same. We must maintain an insurance policy that is ten times the amount of normal requirements from similar type of facilities and events. It is a 50 million dollar insurance policy which has an exorbitant premium. The policy adds an annual burden of $105,000. We have typically paid around $15,000 to $25,000 of the premium and HOT FUNDS covered $80,000. This money is a significant amount. In 2012 & 2013 The City of Beeville helped The Texas Mile by allocating hotel/motel tax funds (HOT Funds) to help with 80% of the insurance premium cost. They agreed to do this because of two reasons:
1. The insurance requirement is unique to Chase Field in Beeville and not required at any other similar venue or motorsports facility and
2. The Texas Mile events have a significant economic impact on the City of Beeville.
On January 14th, Shannon and Jessica presented at The City Council meeting in Beeville to request Hot Funds for the 2014 Texas Mile Insurance policy. The City Council discussed the request at length and concluded that they no longer want to allocate funds for the insurance policy or resources that have assisted with course maintenance.
The insurance requirement adds a significant expense to the event and is obviously a vital and required part. Therefore, we are seeking sponsorship towards the cost of the insurance which we will be collecting before registration opens on January 19th. In order to open registration we have to have confidence that the insurance policy will be covered.
Insurance Sponsorships will be set up so the sponsor can input the amount they want to commit. There will be a minimum sponsorship amount of $500.00 but we will not limit the amount that any 1 sponsor can contribute.
We need:
10 sponsors at $10,000 each or
20 at $5,000 each or
40 at $2,500 each or
100 at $1000 each
This sponsorship is different than the normal sponsorship packages we promote. We still need your regular event sponsorship. The insurance support sponsorship helps to ensure we are able to have the 2014 events. We know that many of you have built your cars specifically for this event and that some of you have built your business around this event and its longevity. We also know that many of you look forward to this event twice a year as part of your family's vacation. We want to do everything we can to make sure that the event continues. With our 10 Year Anniversary in our rear view we look back at all of the obstacles we have overcome and know that there is still hope for the future. We ask you to join us in this fight to save The Texas Mile.