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Edmonton Indy back this summer

Last Updated: Wednesday, January 12, 2011 | 7:04 AM MT

Will Power, yellow car, leads the Edmonton Indy at City Centre Airport on July 26, 2009.  Will Power, yellow car, leads the Edmonton Indy at City Centre Airport on July 26, 2009. (Jonathan Ferrey/Getty Images)

The Indy is returning to Edmonton this summer.

The City of Edmonton and Montreal-based promoter Octane Motorsport Events announced Tuesday that they had successfully completed negotiations on a deal to continue the race at City Centre Airport for another three years.

The city cancelled the 2011 race in early November after negotiations broke down with Octane, which wanted to take over operations from Edmonton-based Northlands.

"Sometimes when a crisis happens, people actually understand how much something means to them and how far they're willing to go in order to ensure that it's kept," said the city's chief financial officer, Lorna Rosen, who said the contracts were finalized during meetings in Montreal last week.

"I would give due credit to Race Week Edmonton and the business community for saying 'let's not let this die.'"

The cost of repaving a new track at the airport was a sticking point. The closure of one of the runways at the airport means the track has to be moved to the site's east side.

But in late November, city council approved a plan to raise the extra $3 million needed to draw the Indy car race back to Edmonton.

Under the plan, an extra $1 million could come from 10 private sponsors, with the remaining $2 million coming from fees generated by a new 1,000-stall parking lot to be built near the track.

The city will kick in $5.5 million in sponsorship fees and provide $1.5 million worth of city services like police and transit.

Rosen said a member of Octane's engineering staff will visit Edmonton next week to evaluate the race site. Detailed design work should be completed in the next month with paving starting by late May.

Parking at the site will likely start in the fall, she said.

The race will run July 22-24 at the City Centre Airport.

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