Story: WBAL-TV 11. Photo: Getty Images
The Baltimore Orioles stadium lease deal has been approved.
“Baltimore, the deal is done,” Gov. Wes Moore said at an afternoon news conference.
The Maryland Stadium Authority met Monday morning to unanimously vote to approve the lease extension and amendments reached between the state and the Baltimore Orioles. The Maryland Board of Public Works also voted unanimously to approve the deal.
Camden Yards is owned by the state, and the Orioles’ lease expires at the end of the year. After months of negotiations, officials said last week that an agreement has been reached.
The agreement is complicated: It could be for 15 years of for as long as 30 years. The governor said one of his priorities was to arrive at a long-term deal.
“I took a short-term lease off the table on day one,” Moore said. “Under this deal, we will keep the Orioles in Baltimore for the long-term with a no-relocation clause under any scenario.”
I WATCH: Update on Orioles lease agreement
Some of the points agreed to include the Orioles extending the current lease for 30 years. The ballclub has until 2027 to reach an agreement on a redevelopment plan. The state-owned property under consideration is between the B&O Warehouse and Light Rail station and the land in between the Warehouse and museum.
If the redevelopment plan doesn’t get approval during that timeframe, the team has options that include continuing the lease for 30 years, adjusting terms of the lease or opting out after 15 years.
On the condition of signing a long-term lease, the Orioles will not be allowed to relocate under these terms.
Once the deal is finalized and executed, the Maryland Stadium Authority will be able to tap into $600 million in taxpayer-financed bonds for stadium improvements that was authorized this year by the Maryland General Assembly.
“Protecting that taxpayer asset, responsible use of state money should be at the forefront of our arrangements with our partners, which is what the Orioles are,” Joe Brice, a member of the stadium authority’s board of directors, said during Monday morning’s meeting.
Last year, the state increased bond authorization for M&T Bank Stadium, home of the Baltimore Ravens, and Camden Yards. The measure allowed borrowing of up to $600 million for each stadium. Last week, the Ravens announced a $430 million plan for upgrades at the stadium.
Senate President Bill Ferguson, D-District 46, whose city district includes the stadium, opposed the initial framework on the basis of seeking greater state oversight on future development.
“I am so deeply thankful for the opportunity to have put this 30-year deal into place and to have some small part to work with this team,” Ferguson said Monday afternoon.
The Orioles will need to submit a master plan before any changes to the area can be made.
