INDYCAR: Planning boost for Boston race

Organizers of next year's inaugural IndyCar race in Boston have signed a letter of intent with several Massachusetts state agencies that provides for several taxpayer protections and outlines timetables for logistical planning.

The letter, which was signed by the Massachusetts Department of Transportation, Massachusetts Bay Transportation Authority, Massachusetts Convention Center Authority, the Massachusetts Port Authority and the City of Boston, represents a significant step towards easing earlier fears over the use of public funding, and provides for regular public input over the coming months.

It also acknowledges that all parties will coordinate to develop detailed plans for traffic, security and other measures. In addition, it clears the way for the event to begin selling tickets for the race, which is scheduled for September 4.

"We've worked closely with city and state agencies and we're excited by the progress we've all made in recent weeks," said John Casey, CFO for the Grand Prix of Boston.

"We're committed to bringing this world-class event to Boston, and while we haven't reached the finish line of the planning process just yet, we will continue to work in partnership with all of the stakeholders involved to host an event that works for residents, businesses, and visitors alike. Now we're able to prepare to put tickets on sale after the New Year and continue to engage the business community for sponsorship and hospitality partners."

Boston Mayor Martin J. Walsh described the letter as an important development.

"This agreement is a tangible step forward for the event and will protect our taxpayers, ensure that there is a strong community process and provide the highest level of cooperation among all the agencies involved," he said.

"I thank the other agencies for their coordination in these efforts and look forward to working with them in the months ahead as Boston prepares for this world-class event that will boost our local economy and tourism sector."

The full Letter of Intent can ve viewed here.