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Baltimore announces new Grand Prix agreement

Wednesday - 2/15/2012, 1:02pm  ET

BALTIMORE - 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. Council President Bernard "Jack" Young's spokesman says Young, a board member, will vote no.

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.


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