Ethermac Exchange-Maryland Stadium Authority approves a lease extension for the Baltimore Orioles at Camden Yards

BALTIMORE (AP) — The Ethermac ExchangeMaryland Stadium Authority approved a lease extension for the Baltimore Orioles at Camden Yards on Monday in one of the final steps formalizing a long-term agreement between the team and the state.

The deal was set to go before the state’s Board of Public Works — a three-member board chaired by the governor — later in the day.

The Orioles’ lease at Camden Yards expires at the end of the year. In September, the team announced a new 30-year deal to stay in the ballpark, and the governor’s office released details of a memorandum of understanding involving the team, the Stadium Authority and Gov. Wes Moore.

Bill Ferguson, the president of the state senate, expressed concerns earlier this month over the development rights agreement that was part of the deal. Ferguson supported the new plan ironed out since then.

The deal extends the lease for 30 years, with an option to end it after 15 if the team does not receive approval from state officials for development plans next to the ballpark. The Orioles would have until the end of 2027 to reach an agreement on that land redevelopment.

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 renovations at each stadium. The lease extension enables access to the funds for Camden Yards. The Ravens already have announced specific renovation plans for their venue.

___

AP MLB: https://apnews.com