The city of Baltimore has invested millions of dollars and significant work to transform streets into a race course. Event organizers have promised that the reward will prove worth the investment.

Organizers of the Baltimore Grand Prix have reported robust ticket sales and a growing list of sponsors less than three months ahead of the race.

So far, the city has spent federal and state funding to prepare the race course. WBAL-TV 11 News reporter David Collins learned that the city set aside $7.75 million for road improvements needed to create and render the race course fit for travel speeds of 180 mph.

Collins said $5 million came from federal highway aid meant for intersections that have disproportionately high accident rates, high congestion and are located on a federal aid highway. The state provided a $2.7 million repayable grant.

City officials and event organizers said they expect the inaugural grand prix race through the city over Labor Day weekend to draw more than 100,000 spectators. At least one hotel along the 2.1-mile race course has already sold out, and several others reported to be on pace to be fully booked.

The course has 12 turns, including a hairpin, and crews will build 13 grandstands. Spectators could also gather on five bridges along the race course.

According to city officials, 40,000 tickets have been sold so far, and no more VIP weekend passes remain. For Sunday, only reserve seating is taken. Prices for what's left range from $20 to $160.

Race organizers said they expect the event will inject more than $50 million into the city's economy in only the first year of a five-year agreement.

Over the five years, the event will generate $11 million in city tax revenues, create nearly 2,000 full-time equivalent jobs and spectators will spend $250 million, according to the private company organizing the race, Baltimore Racing Development LLC.

The Maryland Public Policy Institute called the BRD's numbers exaggerated, questioning whether the city can accommodate everyone the report claims will stay in town. The institute also expressed disappointment that the organizers would not reveal how much of the profits they plan to share with the city, Collins said.

The WBAL-TV 11 News I-Team checked with other cities that have hosted the race and found that, in race proceeds alone, pumped $50 million into greater Toronto, Canada; $35 million in Long Beach, Calif.; and $5.1 million in St. Petersburg, Fla.

The three-day event also features a car show, concerts and other forms of family entertainment. It will also include a number of competitive races prior to the big event.