The St. Petersburg (Fla.) City Council voted Nov. 12 to extend Green Savoree Racing Promotions’ license to organize the annual race event that features the Verizon IndyCar Series through 2020.

Under the amendment, the dates for the Firestone Grand Prix of St. Petersburg have also been confirmed through 2018. The March 11-13 race weekend will be the 2016 season opener for the Verizon IndyCar Series and all three rungs of the Mazda Road to Indy development ladder series. The event will be held March 9-12 in 2017 and March 8-11 in 2018.

“We would like to express our sincere thanks to Mayor Rick Kriseman, members of city council and all city staff for their support and approval of this extension,” said Kim Green, chairman and CEO, Green Savoree Racing Promotions. “The City of St. Petersburg has a special place in the history of racing, and we look forward to running the Firestone Grand Prix of St. Petersburg here for years to come.”

In its 12th year, the Firestone Grand Prix of St. Petersburg is contested on a 1.8-mile, 14-turn circuit that includes a combination of streets and a runway of Albert Whitted Airport – all overlooking Tampa Bay.

The city’s managing director of development said the race had an economic impact of $48.3 million and generates an estimated $5 million in marketing value to the city. The March 13 race will be telecast live on ABC (12:30 p.m. ET).