The city Board of Estimates signed off on a five-year contract Wednesday with Baltimore Racing Development Corp., which is expected to land a deal with the Indy Racing League to be a stop on the circuit in August 2011. City officials say the work on the streets will be minimally intrusive but will take more than a year to complete.
A loop of streets surrounding the Inner Harbor, including Pratt and Russell streets, will compose the 2.4-mile racetrack, providing what organizers say will be a breathtaking view of the city for the world to see.
The race is expected to bring an estimated $250 million to the city through ticket sales, hotel stays and restaurant business over the five years as well as $11 million in direct tax revenue.
If selected by the Indy Racing League, Baltimore would join Toronto, Long Beach, Calif., and Sao Paulo, Brazil, as Indy Racing sites. The circuit tends to bring thousands of visitors to cities. Baltimore is expecting about 100,000 spectators for the annual three-day event.
City officials will build about 50,000 temporary grandstand seats around the track and sell general admission seats at M&T Bank Stadium, where the race will be shown on the replay board.
