Motorsports Development Agreement By And Between Mayor And City Council Of Baltimore And Downforce Racng, LLC
MOTORSPORTS DEVELOPMENT AGREEMENT BY AND BETWEEN
THE MAYOR AND CITY COUNCIL OF BALTIMORE AND
DOWNFORCE RACING, LLC
This Motorsports Development Agreement (“Agreement’’) is entered into as of this day of February, 2012, by and between the Mayor and City Council of Baltimore (“City”), a body corporate and politic of the State of Maryland, and Downforce Racing, LLC (“DFR”), a limited liability company duly organized under the laws of Delaware and registered to do business in the State of Maryland (hereafter individually a “Party” and collectively “the Parties”).
WHEREAS, the City desires to promote events that are of interest and benefit to the residents of the City, to expand national and international tourism to the City, and otherwise to enhance economic opportunities for the benefit of the City, its residents and local businesses; and
WHEREAS, the City has determined that the holding of a series of internationally- recognized automobile races approved by one or more authorized automobile sanctioning bodies, together with a variety of sporting, entertainment, it...