BALTIMORE (WJZ) — Baltimore Mayor Jack Young announced Wednesday the City will withdraw from a condemnation action against the Maryland Jockey Club, the Stronach Group, and others that aimed to take over the Pimlico Race Course and the Preakness Stakes.

The mayor and Belinda Stronach, chairman and president of the Stronach Group, discussed “good faith negotiations” in ways to revitalize, renovate and redevelop Pimlico and other racing facilities in the State- with Pimlico as a priority, according to a City release.

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“I am pleased that we have reached this withdrawal agreement and standstill with the Maryland Jockey Club and The Stronach Group to give the parties an opportunity to discuss Pimlico and racing in Maryland,” Mayor Bernard C. “Jack” Young said. “The City is committed to keeping the Preakness in Baltimore and I look forward to working with the Maryland Jockey Club and The Stronach Group on good faith negotiations toward a positive outcome for the Park Heights community and the City of Baltimore.”

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The Maryland Jockey Club and Preakness Stakes’ attorney Alan M. Rifkin said in the coming days the parties will continue dialogue with the City Solicitor’s Office to arrange more discussions for the future.

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“We appreciate the withdrawal of the lawsuit and look forward to working with Mayor Young and his representatives, along with the State and other stakeholders,” said Belinda Stronach.