Maryland lawmakers are poised to consider extensive amendments to a bill that could jumpstart the planned improvements at Pimlico and Laurel Park.
The Senate Budget and Taxation Committee is examining the amendments to Senate Bill 720, which would relieve the Maryland Stadium Authority of its burden to oversee the complicated redevelopment plans, Maryland Matters reported this week. Instead, the proposed amendments would establish the Maryland Thoroughbred Operating Authority (MTOA), which would oversee a new Maryland Racing Operations Fund, including both money from the existing Racing and Community Development Facilities Fund and eventual funds from bond sales.
The nine-member MTOA would have sweeping powers over Maryland horse racing. Since inflation, rising interest rates, supply chain issues, and seemingly-endless site redesigns have effectively halted progress on the 2020 plans for redeveloping the state's racetracks, this new bill is the legislators' attempt to restart negotiations with the Stronach Group.
Lawmakers' initial plan in 2020 was to authorize $375 million in bonds for the Racing and Community Development Financing Fund — $180 million to Pimlico and $155 million to Laurel. A legislative budget analysis showed that the delay in bond sales and rising interest rates has cost more than $80 million in potential proceeds; overall, the estimated redevelopment cost would now be between $535 million and $725 million.
Read more at Maryland Matters.
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