State Approves Buffalo Bills Lease

February 21, 2013 Updated Feb 21, 2013 at 2:26 PM EDT

By WKBW News

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State Approves Buffalo Bills Lease

February 21, 2013 Updated Feb 21, 2013 at 2:26 PM EDT

The Empire State Development Board of Directors has approved the adoption of the general project plan for renovations at Ralph Wilson Stadium and extension of the current lease with the Buffalo Bills.

Governor Cuomo made the announcement Thursday.

The Erie County Stadium Corporation met yesterday and recommended its approval to the Board. These approvals signal another step toward finalizing the terms of the deal into a formal 10-year lease.

In 2012, Cuomo announced that a Memorandum of Understanding (MOU) has been signed setting forth the basic terms of an agreement to keep the Bills in Buffalo.

The MOU, signed by Gov. Cuomo, Buffalo Bills, and Erie County includes a commitment from the Bills to stay in Buffalo for at least the next seven years and $130 million in upgrades to Ralph Wilson Stadium.

The agreement also includes the creation of a New Stadium Working Group and Fund to explore the potential for constructing a new professional sports stadium in Western New York in the future.