Under the agreement, the venue would be obligated to host at least 84 events each year, including concerts, trade shows, sporting and civic events, and family shows. 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. Baltimore Sun eNewspaper Home Page Close Menu
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