Just Announced - Baltimore gets an Indycar race
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Just Announced - Baltimore gets an Indycar race
Baltimore Grand Prix to Bring Millions to Baltimore
More than 100,000 people are expected to watch Indy car racing after Baltimore city leaders approved a five year deal on Wednesday morning.
The ‘Baltimore Grand Prix’ street-racing event will go around the Inner Harbor and Camden Yards in August of 2011.
According to the Economic Impact Report released Wednesday, the race is expected to generate $11 million in direct city tax revenue, create nearly 2,000 full-time equivalent jobs and $250 million in spending injected into the City’s economy.
"I am excited about the potential infusion of visitors and tourism dollars that may come from Baltimore hosting the Grand Prix event," said Board of Estimates Chair, Council President Bernard C. “Jack” Young.
As part of the agreement, Baltimore Racing Development will:
* Share event revenues with the City and pay an annual event fee.
* Comply with the City’s Minority/Women Business Enterprise Program (MBE/WBE).
* Spend $12 to $14 million on race preparations, using primarily local businesses and labor.
* Create a ‘Community Benefit Fund’ of no less than $500 thousand over five years to make grants to community organizations in neighborhoods impacted by the event.
To view the Baltimore Racing Development Economic Impact Report visit: http://www.baltimoreracingdevelopment.com/
More than 100,000 people are expected to watch Indy car racing after Baltimore city leaders approved a five year deal on Wednesday morning.
The ‘Baltimore Grand Prix’ street-racing event will go around the Inner Harbor and Camden Yards in August of 2011.
According to the Economic Impact Report released Wednesday, the race is expected to generate $11 million in direct city tax revenue, create nearly 2,000 full-time equivalent jobs and $250 million in spending injected into the City’s economy.
"I am excited about the potential infusion of visitors and tourism dollars that may come from Baltimore hosting the Grand Prix event," said Board of Estimates Chair, Council President Bernard C. “Jack” Young.
As part of the agreement, Baltimore Racing Development will:
* Share event revenues with the City and pay an annual event fee.
* Comply with the City’s Minority/Women Business Enterprise Program (MBE/WBE).
* Spend $12 to $14 million on race preparations, using primarily local businesses and labor.
* Create a ‘Community Benefit Fund’ of no less than $500 thousand over five years to make grants to community organizations in neighborhoods impacted by the event.
To view the Baltimore Racing Development Economic Impact Report visit: http://www.baltimoreracingdevelopment.com/
