Boston is a significant step closer to hosting an IndyCar race on the streets of the Seaport District next year.
The city, state agencies and Grand Prix of Boston organizers signed a letter of intent on Friday to hold the event next Labor Day weekend, Sept. 2-4, 2016.
All sides agreed to protect taxpayers from costs associated with the race as negotiations continue.
In a statement sent by the race's organizers, Gov. Charlie Baker said he looks forward to continued coordination "as all participants put together carefully crafted plans to address all of the event’s potential impacts."
The agreement requires Boston Grand Prix, "at its sole cost and expense," to restore any streets used to their pre-race condition, "or better," by Nov. 15, 2016 — about two and a half months after the race.
“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," John Casey, CFO for the Grand Prix of Boston, said in a statement.
Casey said in a statement that they plan to put tickets up for sale after the New Year and will continue to seek sponsorship and hospitality partners.