Grand Prix 'Responsible' For All Seaport Race Costs, Letter Of Intent Says

BOSTON (CBS) -- IndyCar race organizers say they will be "solely responsible" for all costs associated with the Grand Prix of Boston race set for next fall at the Seaport, according to a letter of intent signed by city and state officials.

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As part of the agreement, Grand Prix says they'll seek public input during the race preparation phase and make sure the streets are returned to pre-event condition, according to a statement released on Friday.

Gov. Charlie Baker, Boston Mayor Marty Walsh and several agencies including the Convention Center Authority, MassDOT, Massport and the MBTA signed the letter. They will work with one another to create security, traffic, and other race-related plans.

"I am pleased that the City of Boston, Grand Prix and our administration have made progress on the project and provided protections for taxpayers, Boston residents and our state," Baker said in the statement. "Pulling off such a large event will not only showcase what makes Massachusetts and Boston great for thousands of visitors, but will require additional planning, coordination and public input."

In the statement, Walsh says "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."

John Casey, chief financial officer for Grand Prix of Boston, says they've worked closely with all agencies involved in recent weeks.

"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," he said in the statement. "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."

The letter features a tentative timeline of events that will take place before the race, including bi-weekly meetings starting in early January 2016 and monthly public forums in February.

The goal is to have traffic and construction management plans finalized by Feb. 8 and Feb. 22, respectively, according to the letter.

The tentative route includes 11 turns for more than 2 1/4 miles on public streets in the South Boston waterfront area. The race is expected to take place during Labor Day weekend.

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Grand Prix hopes to have all post-race restoration work completed by Nov. 15 of next year.

To view the letter of intent, visit the IndyCar Boston Website.