Baltimore Mayor announces new 5 year agreement on Baltimore Grand Prix Race
7:35 AM, Feb 15, 2012
6:03 PM, Feb 15, 2012
BALTIMORE - On Wednesday Baltimore Mayor Stephanie Rawlings Blake announced the details of a new 5-year agreement with Downforce Racing.
The company will hold racing events on the streets of downtown Baltimore on Labor Day weekend 2012 through 2016. Last years Baltimore Grand Prix Race generated $47 million for the economy. The 2012 anticipated revenue is $1,785,000.
Some key terms in the contract include:
Contract term -- the agreement provides that the race will be conducted annually for an initial five year term beginning in September 2012 and ending in September 2016.
Amusement Tax Lock Box-- Each ticket sold will include a 10 percent admission and amusement tax, which will be collected at the point of sale and placed into a lock box escrow account held by a City appointed trustee.
Ticket Surcharge Lock Box-- a $3.00 surcharge will be added to the sale of each ticket. The proceeds of the surcharge fee will be collected and held by the City to offset the costs of City services provided.
The final contract will be presented to the Board of Estimates on February 22nd for a vote.