City works on new racing contract

BALTIOMRE (WMAR) - Mayor Stephanie Rawlings-Blake has announced the city's intent to enter into the future of Motorsports and  new racing contract.

In her statement, Rawlings-Blake says their intention is to enter into a 5-year agreement with a Motorsports promoter to have racing events in downtown Baltimore on Labor Day weekend 2012 through 2016.

The city has not yet finalized or released any details of the agreement, but say the terms of the contract will be released once the finial review is complete on Wednesday.

From there an open public review will take place before it goes to the Board of Estimates for a vote.

“Last year’s racing event generated $47 million in economic impact and proved very valuable in terms of positive media exposure for Baltimore," said Rawlings-Blake. "We have worked hard to learn from past experiences to ensure that this new agreement is in the best interests of taxpayers and will bring a successful, world-class sporting event that Baltimore can be proud of for years to come. ”