The future of Pimlico Race Course and horseracing in Maryland is now in the hands of state lawmakers.New details of the proposed agreement came out Tuesday during questioning by the House Ways and Means Committee, which heard testimony on a bill that would close Laurel Park and make Pimlico the universe of Maryland horseracing.A nonprofit would operate Maryland's horseracing industry, which would include more racing days exclusively at Pimlico. The nonprofit idea is modeled after New York and Delmarva tracks."Why did the authority determine that a nonprofit was the best path forward?" said House Ways and Means Committee Chairwoman Vanessa Atterbeary, D-District 13."A not-for-profit model allows us to plow back into the horseracing industry and receipts from the horse industry without fighting for that profit line," Cross said."A nonprofit could operate horseracing, essentially, in Maryland and break even?" said House Minority Leader Delegate Jason Buckel, R-District 1B."We will run a profit at Laurel. It will be small, and that's the deal we are asking for the investment premised on the fact the horsemen will be responsible for balancing the books," Cross said.The Moore administration and other supporters said the House legislation represents a new day and a new path for the state's horse industry.However, Senate leaders are concerned that the bill, as written, may provide a blank check when it comes to operating costs."We are committed to trying to salvage what we can to make sure the horse industry is viable in Maryland, but it does not come with a blank check," said Senate President Bill Ferguson, D-District 46.Video below: Agreement reached for Stronach to transfer PimlicoUnder the legislation, Pimlico's current owner, The Stronach Group, will sell the track to the state for $1. In return, Stronach would get a 10-year licensing agreement to retain the rights to the Preakness Stakes in an agreement worth millions of dollars."It is a licensing agreement that commences in 2027," said Greg Cross, the chairman of the Maryland Thoroughbred Racetrack Operating Authority. "(Stronach would get) $3 million, 2% of the handle on the Preakness and Black-Eyed Susan (stakes)."The Stronach Group will keep Laurel Park, which will host the Preakness for at least one year during construction at Pimlico. Laurel will then close to live racing for good.The transfer of ownership will allow the state to spend $400 million in bonds, which requires legislative approval, to modernize the track at Pimlico and overhaul the grounds.Cross said the plans include the construction of a 1,000-seat flexible-use event space in the clubhouse, a hotel, a new parking garage, a new multipurpose field to host festivals and other events and a veterinarian facility next to the track. The plan would also make 6 acres available for future development."We want to see the state's investment not just benefit the horseracing industry, but maximize collateral benefits of the Park Heights community," Cross said.Senate leaders said they want more clarity on day-to-day operations. A nonprofit created by the state would take over Maryland horseracing. Members of the House Ways and Means Committee who heard the bill had similar questions."Everyone is looking for more clarity on how the everyday operating costs are going to be handled and covered," Ferguson said.The House bill must be passed by the General Assembly and then approved by the state Board of Public Works.