GP of Boston Announces Signing of License Agreements and Memorandum of Understanding with City of Boston, State Agencies

BOSTON –Today, the Grand Prix of Boston announced that it has signed and executed License Agreements and a Memorandum of Understanding (MOU) with the necessary City of Boston and state agencies, completing another major step for establishing the race to run in the South Boston Waterfront neighborhood this Labor Day weekend.

The License Agreements signed by the City of Boston, Massachusetts Department of Transportation, Massachusetts Bay Transportation Authority, Massachusetts Convention Center Authority and the MOU signed by the Massachusetts Port Authority includes many conditions and protections with guarantees that:

• The Grand Prix of Boston assumes all costs associated with the race with no burden to taxpayers
• Ensures that city and state roadways be returned to the same or better condition after the race
• And establishes irrevocable letters of credit protecting the agencies from any unforeseen costs should the race not occur or if the Grand Prix of Boston fails to restore the roadways to the agencies' satisfaction.

"Today's result is the culmination of a lot of hard work, coordination and leadership from all of the agencies involved and we would like to thank Governor Baker's office, Mayor Walsh's office and all of the city and state agencies and people who worked hard to get this done, with a high level of collaboration" said John Casey, President of Grand Prix of Boston. "We have gotten tremendous feedback from major sponsors, from race fans and soon to be race fans. There's a lot of excitement and anticipation of seeing the elite drivers race through the streets of Boston. We are confident that this race will add to our City's entertainment and tourism offerings."

As part of its next steps following the signing of the agreements and MOU, the Grand Prix of Boston will continue to work closely with city and state agencies on other aspects of the race including the road improvement and traffic management plan, a transportation plan as well as the safety and security plan. The organization will also continue to hold public monthly forums, community meetings and coordinated outreach in the coming months leading up the race.