ANNAPOLIS, Md. (AP) — A Maryland board approved a lease extension on Wednesday for the Baltimore Ravens at M&T Bank Stadium through 2037, with two, five-year options to extend.
The Board of Public Works voted for the lease extension on Wednesday for at least 15 years and potentially up to 25 total years.
Last year, lawmakers approved a measure with incentives for the NFL team to renew or extend its lease and remain in Baltimore. The measure authorized the Maryland Stadium Authority to borrow up to $1.2 billion that could be used for improvements between the Ravens’ home stadium, as well as Oriole Park at Camden Yards, home to the Baltimore Orioles baseball team.
Each facility could get up to $600 million, under the bill.
A news release from the governor's office says the stadium authority will continue to work closely with the Ravens so that the stadium will be upgraded to remain a best-in-class facility in terms of safety, amenities, and fan experience.
The three-member Board of Public Works is comprised of Gov. Larry Hogan, Treasurer Dereck Davis, and Comptroller Peter Franchot. It was the last meeting for Hogan and Franchot, whose terms are coming to a close.