Deal bringing Terps to new stadium is finalized Maryland to get $800,000 for Oct. 31 date vs. Ga. Tech

January 16, 1998|By Christian Ewell | Christian Ewell,SUN STAFF

The Maryland Stadium Authority made it official yesterday: It will pay the University of Maryland $800,000 to move the Terps' Oct. 31 game against Georgia Tech to the new football stadium at Camden Yards.

The authority will receive the money from the Ravens, who promote all events at the stadium under the terms of the contract between the authority and the NFL team. The Ravens would be paying the money, but under NCAA rules, it is illegal for college teams to receive money directly from professional teams, making the arrangement necessary.

The agreement, approved at a board meeting at the B&O warehouse, is part of a deal that will provide revenue for the authority. With the exception of the 10 percent that the Ravens take as part of a management fee, the authority gets half of revenues from events at the stadium, "the first bit of profit outside of the NFL," stadium authority chairman John Moag said.

In other matters, the board approved the lease of land adjacent to the new football stadium that will provide 437 parking spaces. The stadium authority is leasing the land from 601 West Street LLP, a contractor that has a contract to buy the property from Tate Engineering.

For the lot, which may be open in time for the Orioles' season opener on March 31, the authority will receive all revenues from parking for Orioles and Ravens games, plus half of the weekday revenues.

According to stadium authority executive director Bruce Hoffman, there will be approximately 5,400 spaces near Camden Yards after the new lot is completed, 300 more than there were before a large group of spaces was eliminated to make way for the football stadium.

While waiting for the authority to resolve its differences with Orioles owner Peter Angelos over a proposed parking garage/urban entertainment center, Hoffman cited the lease as an "imaginative" solution to the parking problem that doesn't cost money and doesn't eliminate businesses.

Pub Date: 1/16/98

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