4/28/2024 0 Comments Royal farms arena rules![]() The firm is committing to spend at least $150 million on the facility’s overhaul, primarily from private equity investors and debt financing, and with no funds contributed from the city’s coffers. With the agreement officially approved, Oak View Group has a 30-year lease for the Royal Farms Arena, with first right of negotiation for two 10-year extensions. The company also has committed to solicit at least 27% minority business and 10% women-owned business for the project’s construction and is on track to meet that goal, according to Wednesday’s agenda. But how Oak View Group meets the goal is up to the company. The procurement commitment is included in the lease agreement, said Colin Tarbert, president and CEO of the Baltimore Development Corp., the city’s quasi-public economic development arm. He said the commitment is overly broad and may exclude businesses of color and women-led companies from winning bids to do catering or concessions inside the arena, which tend to go to large, often white-owned businesses, he said. ![]() Mosby, who asked to be kept engaged as well, also voiced concern over the agreement’s commitment to solicit 45% overall minority- and women-owned business participation. We’re ready to go when we push the button.”īaltimore Mayor Brandon Scott, who sits on the spending board and voted for the deal, said he would ask Ted Carter, deputy mayor for community and economic development, to meet weekly with the development team to ensure the project stays on track. “No one wants this building to open more than we do. “We fully appreciate, respect and signed up for the CIAA tournament, and we want to be doing Drake and Lady Gaga and all that good stuff right after CIAA, and start to get the return on our investment,” he said. “I believe in Murphy’s law: If something can go wrong, it will go wrong,” said Mosby, adding that the building’s condition and age, and national supply chain problems, could make the reconstruction difficult, especially on a tight schedule. He said the agreement didn’t have a strong enough contingency plan should the construction timeline be delayed, potentially jeopardizing the city’s ability to host the 2023 CIAA tournament. The five-member board voted 4-1 in favor of the city’s lease, development and operating agreement with Baltimore Arena Company LLC, a partnership between a national sports and entertainment facility operator and Maryland-raised basketball star Kevin Durant’s venture capital company.Ĭity Council President Nick Mosby, who heads the board, was the sole dissenting vote. The quick turnaround is meant to ensure that Baltimore can stick to its agreement to host the 20 Central Intercollegiate Athletic Association basketball tournaments.Ĭonstruction would begin after this season’s tournament, which runs Feb. The Board of Estimates’ approval sets in motion an “aggressive” construction plan for the aging facility, which is scheduled to start in late February and be completed in about 11 months. ![]() Baltimore Sun eNewspaper Home Page Close Menuīaltimore’s spending panel approved the deal Wednesday that sets the stage for a $150 million redevelopment of Royal Farms Arena in downtown Baltimore. ![]()
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