Maryland Gov. Larry Hogan signed a bill that allows the Maryland Stadium Authority to borrow up to $1.2 billion for upgrades at M&T Bank Stadium and Oriole Park at Camden Yards.
The Ravens lease at M&T Bank Stadium expires in 2027, and owner Steve Bisciotti wants to extend the agreement for at least another 25 years.
This new legislation will go a long way in securing that commitment.
"What Marylanders, what Baltimore deserves is a 25-year extension five years early and get us back to a 30-year lease," Bisciotti said during the NFL league meetings. "I'm really happy to hear that the money's there to be allocated, to figure it out. We've got five more years on this lease. I've put more than $150 million of my own money into that stadium. I've got no problem doing it, but it's time we look long-term."
Under the bill, the allowable bond debt for projects at M&T Bank Stadium and Camden Yards increases from $235 million to $1.2 billion. The Ravens and Orioles are required to sign leases at least as long as it takes to pay back the bonds. The franchises can use up to $600 million in outstanding debt for infrastructure projects.
Hogan signed a separate bill that would make up to $400 million in bonds available for development around FedEx Field. However, those funds cannot be used for a new stadium for the Washington Commanders.
“I don’t really know what’s going to happen with them,” Hogan said about the Commanders, who are exploring sites for a new stadium elsewhere.
The Commanders lease in Prince George's County expires in 2027.
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