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CONSTRUCTION HEADACHES: RAVENS NEST FACING BUDGET OVERRUNS
Published March 9, 1998
The Maryland Stadium Authority (MSA) "now estimates" that the bill for structural concrete at the Ravens' new stadium "will come in at $43 million, well in excess of the $27 million envisioned," according to Jon Morgan of the Baltimore SUN. MD-based Clark Construction Group, the contractor which won the "fast-track bid" in '96, will receive "[m]ost of that money." When winning the bid, Clark had "promised to negotiate" a "guaranteed maximum price;" however the state and Clark "never reached agreement" on such a price, and costs "quickly soared -- accounting for most" of the project's $20M in overruns. Clark's contract "was the biggest on the project." MSA officials said it "will be able to stay within" the $220M budget outlined in the fall. MSA Exec Dir Bruce Hoffman: "I think we're past the point of any surprises" (Baltimore SUN, 3/9).