State lends $500,000 to Baltimore Grand Prix race organizers

Maryland's economic development agency has given a $500,000 loan to the organizers of an IndyCar race planned for Baltimore over Labor Day weekend.

The loan from the quasi-public Maryland Economic Development Corp. to Baltimore Racing Development was made just as the group was required to make a $500,000 bond payment to the Maryland Stadium Authority.

Jay Davidson, president of Baltimore Racing Development, says the timing of the loan and the bond payment was a coincidence. He says the group has "millions of dollars in ticket revenue" for the inaugural Baltimore Grand Prix and didn't need the money to pay the stadium authority.