Mayor Joins Baltimore Racing Development and IZOD IndyCar Series to Announce Plans for 2011 Baltimore Grand Prix
Mayor Stephanie Rawlings-Blake joined Governor Martin O’Malley for the official announcement of plans for the 2011 Baltimore Grand Prix. The race is expected to attract over 100,000 people to Baltimore and be a significant economic engine for the city.
“In August 2011, our City will be the home for one of the most exciting sporting events in the world,” said Mayor Rawlings-Blake. “I want to thank the Governor, BRD and IndyCar officials for your role in making this race a reality for Baltimore.”
More than 100,000 people are expected to attend the three-day racing festival, which will have many race-related events which will be free and open to the public. The race will include several ancillary events including a parade, fireworks, concerts, charity receptions, and celebrity races. Over five years in the City, the race is expected to generate $11 million in direct city tax revenue, create nearly 2000 full-time equivalent jobs and $250 million in spending injected into the City’s economy, according to the Economic Impact Report released by BRD.
“This is an extraordinary opportunity for Baltimore to shine in the national spotlight, and benefit from the millions in tourism dollars it will bring to our State,” said Governor O’Malley. “The Baltimore Grand Prix will add to the impressive list of exciting and significant sporting and entertainment events Maryland is home to every year.”
The Mayor said that in addition to filling City hotel rooms and restaurants, the street race will “change the way the world sees Baltimore,” as a result of global media exposure to millions of Indy Racing League (IRL) fans who attend similar events in Monte Carlo, San Paulo, Long Beach, and St. Petersburg. The race will be broadcast on national television to more than 3.5 million domestic viewers. Related media and marketing exposure is valued at an estimated $27.5 million over five years, according to the economic report.
Funds to improve roadways for the 2011 – 2016 Baltimore Grand Prix come from two sources: Federal Highway Aid under the Surface Transportation program (STP) and a grant repayment agreement based on the City’s share of state Highway User Revenues (HUR). The total estimated cost of improvements is $7.75 million comprised of $5 million STP funds and $2.75 in repayable HUR grants. In accordance with federal and state rules, these funds may only be used transportation-related expenses, and may not be diverted to other City programs.
To view the Baltimore Racing Development Economic Impact Report visit: http://www.baltimoreracingdevelopment.com/
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