BALTIMORE (WJZ)– Mayor Stephanie Rawlings-Blake said that the City of Baltimore would enter into a five-year contract with a promoter to conduct motor racing events.
According to the contract, the promoter would conduct racing events in downtown Baltimore on the Labor Day weekend from 2012 through 2016.
The mayor said in a written statement that the city would announce the terms of the agreement on Feb. 15 once the city completes the agreement review process that is now ongoing.
Community groups and city stakeholders will have an opportunity to review the final contract, after which the Board of Estimates will vote on it on Feb. 22.
“Last year’s racing event generated $47 million in economic impact and proved very valuable in terms of positive media exposure for Baltimore,” Rawlings-Blake said. “We have worked hard to learn from past experiences to ensure that this new agreement is in the best interests of taxpayers and will bring a successful, world-class sporting event that Baltimore can be proud of for years to come.”
The announcement comes about a month after the city terminated its contract with the Baltimore Racing Development (BRD) that organized the Grand Prix last year and failed to pay the nearly $2 million owed to the city.