Maryland
Maryland Stadium Authority gives thumbs-up to Orioles lease deal as state's top officials prepare for afternoon vote – Maryland Matters
A deal to keep the Baltimore Orioles in the team’s iconic Camden Yards home moved a step closer to reality Monday morning.
The Maryland Stadium Authority voted unanimously, with two abstentions, to approve a lease contract that could keep the team in Baltimore for the next three decades. The vote is the first of two scheduled for Monday as both the state and team rush to consummate a lease extension before the end of the year.
The agreement that awaits a vote by the Board of Public Works does not resolve all the issues between the team and the state. The board, chaired by Gov. Wes Moore (D), is scheduled to meet at 3:15 p.m. after a news conference with state officials.
The deal’s length, however, remains in flux and hinges on the team and state’s ability to agree on complicated neighborhood development plans in the next three years.
If everything goes to plan, the team will continue to play at the Baltimore stadium until Dec. 31, 2053. There are also up to four team options to extend that deal for five years each.
An escape provision allows the team to get out in as little as 15 years if negotiations over development rights around the stadium are not completed by Dec. 31, 2027.
Any development agreement requires the approval of the General Assembly’s Legislative Policy Committee and the Board of Public Works.
Under the terms of lease, the team will pay no rent but agrees to maintain the stadium under the oversight of the Maryland Stadium Authority. The team will continue to pay admissions and amusement taxes, sales taxes, and applicable property taxes. The amounts are based on ticket sales.
The Orioles get access to the $600 million in bond money set aside in 2023, with oversight from the state. No bond money is being requested yet, but the agreement requires that the lease remain in place until the bonds are paid off — typically a 15-year period.
The team also agrees to ensure that all contracting at the stadium and related future development meets state diversity-ownership goals.
The deal also continues provisions in the current lease granting the team stadium naming rights.