Maryland’s state government signed off on an agreement with the Ravens to share an added $55 million cost to upcoming upgrades to M&T Bank Stadium.

In addition to more than $400 million in state-financed bonds that are paying for major renovations to the Baltimore stadium, the state and the team worked out a deal for $55 million more in spending. The Ravens would pay the money up front and be reimbursed by the Maryland Stadium Authority for up to $35 million of it out of future bond sales, meaning the football team would ultimately be on the hook for roughly $20 million.

The stadium authority already approved the deal, and the Maryland Board of Public Works, which has the final say on major state contracts, voted in favor on Wednesday.

“The investment allows us to continue ensuring that M&T Bank Stadium remains one of the best in the league and really reflective of what Marylanders deserve,” Ravens President Sashi Brown said during a Board of Public Works meeting on Wednesday.

The Baltimore Banner thanks its sponsors. Become one.

Brown said the extra money will help the Ravens complete the renovation projects quickly.

Stadium Authority Executive Director Michael Frenz said the deal will address “a cash flow timing issue” that could have delayed some of the work. He emphasized that the nature of the agreement will not increase the state’s overall contribution beyond the $600 million approved by the state legislature.

Ravens President Sashi Brown waits to testify before the Maryland Board of Public Works at the State House in Annapolis on Wednesday. (Pamela Wood/The Baltimore Banner)

In 2022, lawmakers passed a law allowing for up to $1.2 billion in state-issued bonds to pay for improvements at the Ravens’ M&T Bank Stadium and Oriole Park at Camden Yards, home of the Orioles, up to $600 million for each stadium. That money could only be accessed, however, via bonds to be paid off over the course of each team’s lease, thus incentivizing the teams to sign long-term deals.

By committing to remain in Baltimore for at least 15 more years, each team benefited from the bulk, but not all, of that $600 million. Had the teams signed longer deals, their stadiums would have immediately received that full amount.

M&T Bank Stadium is undergoing three years’ worth of renovations, including a new beer hall, expanded concourses, new on-the-field seats and luxury suites and clubs. But the work is costing more than projected due to design changes and rising construction costs, leading to the additional $55 million cost-sharing agreement.

The Baltimore Banner thanks its sponsors. Become one.

The three members of the Board of Public Works — Treasurer Dereck Davis, Comptroller Brooke Lierman and Lt. Gov. Aruna Miller, sitting in for Gov. Wes Moore, all Democrats — voted for the agreement on Wednesday.

Baltimore resident Bill Marker, joined by his wife, Nan, at left, testifies against a deal related to improvements at M&T Bank Stadium during a meeting of the Maryland Board of Public Works at the State House in Annapolis on Wednesday. (Pamela Wood/The Baltimore Banner)

They heard a dissenting point of view from Baltimore resident Bill Marker, who has spoken out against subsidies for sports stadiums. Marker noted that the state is considering changes to the Blueprint for Maryland’s Future education plan and seeing federal employees lose their jobs at the same time as facilitating stadium upgrades, “some of which will be for luxury suites and clubs for top-dollar ticket holders.”

After Marker spoke, Lierman said that if the deal were, in fact, additional money to the Ravens, “that would certainly be not one that I would support,” given the state’s other needs. But she was comfortable with the deal because it doesn’t commit more state money to the project.

Baltimore Banner reporter Hayes Gardner contributed to this article.