The Grand Prix of Boston has signed and executed license agreements and a memorandum of understanding with the appropriate city of Boston and state of Massachusetts agencies, completing another major step for establishing the Verizon IndyCar Series race to run in the South Boston Waterfront neighborhood this Labor Day weekend.

The agreements signed by the city, Massachusetts Department of Transportation, Massachusetts Bay Transportation Authority and Massachusetts Convention Centre Authority, and the memo of understanding signed by the Massachusetts Port Authority, include many conditions and protections with guarantees that:

o The Grand Prix of Boston assumes all costs associated with the race with no burden to taxpayers;
o Ensure that city and state roadways be returned to the same or better condition after the race;
o 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 Gov. [Charlie] Baker's office, Mayor [Marty] 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 the 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."

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 and the safety and security plan. The organisation will also continue to hold public monthly forums, community meetings and coordinated outreach in the coming months leading up the race.