ANNAPOLIS, Md. — Another obstacle of the state's purchase of the Pimlico race course has been overcome.
On Monday, the Board of Public Works approved an agreement to transfer the ownership of Pimlico form the Stronach Group to the State of Maryland, guaranteeing that the Preakness Stakes remains in Baltimore.
"When it comes to projects with generational impact, our administration has made it clear that we aren’t just focused on closing a deal – we’re focused on driving economic development in all of our communities,” said Gov. Wes Moore. “Just days before the 149th running of the Preakness Stakes, we have reached an agreement that will keep horse racing at Pimlico for generations and will deliver economic prosperity for the City of Baltimore. Thank you to the General Assembly, the Maryland Thoroughbred Racetrack Operating Authority, The Stronach Group, 1/ST and the Maryland Jockey Club for their partnership in getting this agreement to the finish line.”
Just last week, Governor Moore gave his approval for the purchase.
READ MORE: 'This time it happened': Governor's signature moves state purchase of Pimlico forward
The agreement states that the state will lease Laurel Park racetrack for three years as of January 1, 2025 at a cost of $1 per year as construction of Pimlico gets underway.
The $10 million renovation will promote housing, job training, workforce development and other local priorities in the Park Heights community.
Along with the improvements, They are looking to develop a new off-site training facility and establish a nonprofit to operate racing in Maryland.
This year marks the 149th Preakness, it's set to take place on Saturday, May 18.
