BALTIMORE (AP) — Baltimore Mayor Stephanie Rawlings-Blake says the city is finalizing an agreement with a new operator of the Baltimore Grand Prix.

The mayor said in a statement Friday that the city would announce terms of the five-year deal on Wednesday.

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The deal is scheduled to be presented to the Board of Estimates on Feb. 22. It would be good through 2016.

The mayor said last year’s Grand Prix, held over Labor Day weekend, generated $47 million in economic impact.

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She did not say whom the city was negotiating with to operate the racing festival. She said the city would not comment further until Wednesday.

The city in December terminated its contract with the race’s organizers, Baltimore Racing Development, after the group failed to pay $1.5 million owed to the city.

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