Maryland's Board of Public Works approved more than $646.8 million worth of projects, including a $55 million agreement to allow the Baltimore Ravens and the Maryland Stadium Authority (MSA) to split the cost of renovations at M&T Bank Stadium. 

The agreement was created after the Maryland General Assembly passed a law in 2022 that increased MSA's bond issuing authority to $1.2 billion. Those funds are required to be split evenly between Camden Yards and M&T Bank Stadium. 

According to the board, increased construction costs, design changes and other factors led to a $55 million funding shortage from the 2023 bonds. 

To cover the shortage and keep the project on schedule, the Ravens agreed to commit up to $20 million in team funds with no reimbursement. Another $35 million of team funds could be reimbursed from MSA bonds in 2026, according to the board. 

Comptroller Brooke Lierman was the only board member to vote against extending four bonds, noting that the funds for the project were already allocated in the current budget. 

She explained that her decision was based on the length of time it took organizations to spend the money, not the merits of the projects. 

"I was taught in school that a deadline is a deadline, and I think seven years provides adequate opportunity for organizations to spend the money that the state government has granted to them," Lierman said.

"I think it is really important that organizations not ask for capital funding until they are ready to spend it," Lierman added.

During the meeting, the board approved a total of 71 items totaling more than $646 million, including $2.3 million for projects in five counties 

M&T Bank Stadium renovation project 

Baltimore Ravens and stadium officials announced the three-year upgrade project in 2023 with the renewal of their naming rights deal. 

The team said the renovation of the 25-year-old stadium would be completed in stages between 2024 and 2026.  

Ravens President Sashi Brown said the upgrades inside and outside of the stadium aim to improve the gameday experiences for fans. 

"We worked really well with the Maryland Stadium Authority," Brown said. "We've got a good pool of capital that we're going to invest back into the stadium. We're hard at work with some of the best architects and designers in the world that do a lot of stadium design."

The project was initially estimated to cost $450 million and included a redesigned North Plaza with new areas for tailgating, a concert venue and a new team store that will be open year-round. 

Since announcing the project, the stadium has unveiled new field-level seating along with suites and an exclusive club area.