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Md. Lends $500,000 To Grand Prix Race Organizers

BALTIMORE (AP) — Maryland’s economic development agency has given a $500,000 loan to the organizers of an IndyCar race planned for Baltimore over Labor Day weekend.

The loan from the quasi-public Maryland Economic Development Corp. to Baltimore Racing Development was made just as the group was required to make a $500,000 bond payment to the Maryland Stadium Authority.

Jay Davidson, president of Baltimore Racing Development, says the timing of the loan and the bond payment was a coincidence. He says the group has “millions of dollars in ticket revenue” for the inaugural Baltimore Grand Prix and didn’t need the money to pay the stadium authority.

The group has yet to find a title sponsor for the race. Davidson says the loan strengthens the partnership between the race and the state.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Comments

One Comment

  1. Sam says:

    If this were a Wall Street Stock Market investment, I’d “short” the likelihood of this race ever taking place. I would dearly LOVE for it to go forward,,,but I am getting more and more doubtful as information like this unfolds.

  2. collie says:

    My tax dollars at work? How does this help the city – people will avoid going into town to avoid the traffic/closed street hassles. Especially on a holiday weekend, will hurt stores, not help. I don’t like the state using my tax money to subsize private ventures; if they can’t make the money to do it, then don’t give them mine! Suspect chances of getting the money paid back are not good. The streets in Baltimore are pot holed and lousy; can’t imagine risking a race vehicle on them.

  3. Tim says:

    If they have millions in the bank, Why did they need a loan in the first place

  4. jeffrey says:

    Maryland is BROKE we can not even afford to pay our state workers a fare wage, pay our law enforcement officials, public service officials, but we can shell out a $500,000.00 loan.

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