Board of Estimates votes on new contract for Baltimore Grand Prix Race

BALTIMORE, Md. - The city's Board of Estimates is scheduled to move forward with plans for the Second Annual Baltimore Grand Prix Race.  On Wednesday, the Board of Estimates is expected to approve a new 5-year contract with new promoter, Downforce Racing.

Last year's race brought in $47 million for the economy.  The former Grand Prix promoter, Baltimore Racing Development was at the center of a lawsuit for not paying bills.

The new contract has safeguards to protect the city from losing money.  Under the new contract, the city can inspect Downforce Racing's financial records at any time to check out the groups debt.

The contract calls for keeping the races finances private.  Downforce Racing will hold racing events in Baltimore on Labor Day Weekend 2012 through 2016.

The vote is expected at 9 am on Wednesday at the Board of Estimates meeting at City Hall.