BALTIMORE (AP) — A city spending panel controlled by the mayor has approved a five-year contract with a new promoter for the Baltimore Grand Prix.
The city’s Board of Estimates voted 3-2 Wednesday to approve a contract with Downforce Racing LLC. Comptroller Joan Pratt and City Council President Bernard “Jack” Young voted against the contract, but the mayor and her two appointees voted in favor.
A study found that the inaugural Grand Prix generated a $47 million economic impact, but the city terminated its contract with Baltimore Racing Development after the group failed to pay $1.5 million owed to the city.
The contract has a provision that calls for keeping the race’s finances private, but Downforce will have to file monthly financial reports with the city.
(Copyright 2012 by The Associated Press. All Rights Reserved.)