BALTIMORE (AP) – Baltimore has a new five-year agreement with a motorsports promoter for the Baltimore Grand Prix.
Mayor Stephanie Rawlings-Blake announced Wednesday that the final contract with Downforce Racing will be presented to the Board of Estimates next week. The city is touting the racing and financial management experience of Downforce Racing’s three leaders.
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 new deal includes protections to ensure the city receives taxes and fees it is owed, including a 10 percent admission and amusement tax placed in an escrow account. The city can also audit Downforce’s records at any time.