Short answers, pulled from the story.
Art Modell moved the team because he claimed financial losses of $21 million between 1993 and 1994 due to soaring player salaries and lost suite revenues after the Indians left. He stated that a tax referendum to remodel Cleveland Stadium would likely fail, leaving him no choice but to relocate. The deal was finalized on the 6th of September 1995 when Modell signed an agreement for a new $220 million stadium in Maryland.
The NFL announced the deactivation of the Cleveland Browns franchise on the 9th of February 1996 for at least three years. This decision allowed Modell to take current players and personnel to Baltimore as the 31st NFL team while retaining the original Browns name and history for a reactivated team. League owners approved this unique settlement by a 25 to 2 vote with three abstentions.
Al Lerner purchased the reactivated Cleveland Browns franchise for $530 million in 1998. His son Randy took over ownership after Al died in 2002 before selling the team to Jimmy Haslam in 2012. Two players from the 1995 roster returned to Cleveland including Antonio Langham and Orlando Brown who both played only the 1999 season under both organizations.
The City of Cleveland sued Modell, the Browns, Stadium Corp, and Maryland officials on the 7th of November 1995 to enforce the lease requiring home games at Cleveland Stadium through 1998. The lawsuit sought to prevent the relocation but the league ultimately granted Modell a new franchise for Baltimore instead. Fans filed additional suits while the United States Congress held hearings on the matter during the suspension period.
A fan contest drew 33,288 voters who chose the name Ravens from an initial list of over 100 names reduced by focus groups. The new team adopted purple and black colors contrasting sharply with the Browns brown and orange palette. The former Colts Marching Band was renamed the Baltimore's Marching Ravens following this selection process.