A city report summarizing the operating results of the 2010 Edmonton Indy shows the event won't end up costing Edmonton as much as previously thought.
The report states the 2010 race requires $2.75 million in support from the city, which is $650,000 less than Northlands' original budget.
But the city still needs to come up with $400,000 for the Indy in 2008 because the city received less funding than expected from the province.
Last year's race represented the final year of a three-year agreement for Northlands to run the Indy on behalf of the city.
A deal has now been reached to get the Edmonton Indy back on the event schedule for 2011.
The city reported a deal has been made with both Octane Motorsports Events and the Indy Racing League to secure the Indy in Edmonton for 2011-2013.
The race will return on July 22nd and will run until July 24th.
Originally, the event appeared to be a thing of the past after the city and Octane could not come to an agreement about the future of the event.
One key stumbling block between the two parties was an additional few million necessary to keep the race in Edmonton. The city refused to pump in another $3 million into the race to move the track to the City Centre Airport's east side.
But city officials said Edmonton and members of the local business community have "bridged the financial gap of paving a new track layout at the Edmonton City Centre Airport."
The city reported it will make back $2 million of the approximate $3 million in paving costs by using the trackside area to meet the demand for parking when the race is not running.
A group of local business owners under the banner Race Week Edmonton will kick-in $1 million in cash and goods to help
City council also agreed to provide $5.5 million in sponsorship funds over the next three years.
