The Woodstock First Nation Economic Development Corp. has signed a deal with Horse Racing New Brunswick to develop a multi-purpose race track in Saint John. (Saint John Exhibition)

The Woodstock First Nation Economic Development Corp. has entered into a memorandum of understanding with Horse Racing New Brunswick to develop a multi-purpose race track in Saint John.

The two groups met on Monday, along with Saint John Fundy Progressive Conservative MLA Glen Savoie, to discuss the deal.

However, no details, including the precise location, are being revealed.

"It certainly is an interesting proposal and again it's something that once we take our action items forward and do a little work on them we'll gain a greater understanding of what it is that can be accomplished here,” Savoie said.

Savoie said the parties plan to meet in the future but no time frame has been set.

The idea of a new race track is creating a lot of excitement in the city’s racing community.

Mike Downey keeps a dozen horses at the Exhibition Park in east Saint John, a half-mile race track in need of a facelift.

"We're all smiles and hopefully we've turned the corner and everything's straight from here on and get racing back like it was in the ‘80s,” he said.

In the 1980s, Downey said races were held six nights a week. But now there is only one night of racing each week in Saint John.

Rick Allaby helps trains six horses at Exhibition Park and he said the racing industry would not be the only ones to benefit from a new facility in the city.

"The spinoff is you got farmers, you know, we buy hay, grain, feed, people buy trucks and trailers. It affects a lot, a lot of people," Allaby said.

"There's a lot of money wrapped up in this sport."