The Associated Press is reporting that Baltimore, Md., city officials approved a contract Wednesday with local investors for a Baltimore Grand Prix, to be run in August, 2011. The Indy Racing League is expected to sign a sanctioning agreement for the event in the next two weeks, according to the AP.

The race would be run on a temporary circuit around downtown, passing by the Inner Harbor and Oriole Park at Camden Yards. According to the AP's report, the city has approved using $7.75 million in state and federal grants to make necessary road improvements for the race.