City Green Lights Baltimore Grand Prix IndyCar race The city's Board of Estimates has approved a 5-year agreement with Baltimore Racing Development for races around the Inner Harbor and Camden Yards. The first would be in August 2011.
City officials said the events could generate $11 million in tax revenue during the five-year period. It could also create nearly 2,000 jobs, and generate $250 million in spending.
Baltimore Mayor Stephanie Rawlings-Blake said the street race will "change the way the world sees Baltimore," as a result of global exposure to millions of Indy Racing League fans.
As part of the agreement, Baltimore Racing Development (BRD) will share event revenues with the city and pay an annual event fee, along with spending $12 to $14 million on race preparations.
BRD and city officials are developing an event management plan to address construction, public safety, traffic and other issues.
"The Indy Race is a huge event for Baltimore," said Visit Baltimore President and CEO Tom Noonan. "People travel from around the world to attend and spend money in our hotels, restaurants, and attractions while they are here. "The national media coverage alone is worth millions of dollars in free advertising for the city that will generate new awareness of Baltimore with convention planners and leisure travelers."
Under terms of the agreement, the city must modify and improve certain streets and sidewalks and other transportation-related infrastructure to comply with the standards of the Indy Racing League.
The total estimated cost of improvements is about $7.75 million, city officials said. 11 News Baltimore
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