Wednesday, March 25, 1998
Proposals on the table
STADIUM STORY LIST
Highlights of the Reds' Feb. 26 proposal to Hamilton County:|
Eliminates previous request for approximately $30 million in guaranteed revenues in the middle years of a 30-year deal. Specifies a ''mutually acceptable'' riverfront site. Requires ''feasibility study'' of the site. If the Reds don't like results of the study, the team can kill the deal. At least 4,000 parking spaces adjacent to the stadium would be for use by the team's private suite and club seat patrons, players and team employees. Parking revenues generated on ''Team Use Days,'' defined as game days and additional days needed for baseball-related activities and promotional events. Team contributes $30 million through a combination of stadium-related revenues such as concession rights, luxury suite sales, naming rights and advertising, OR the county keeps all revenues from naming rights. Team pays $2.5 million annually in rent for the first eight years of the lease. Team pays $1 each year after that. County establishes a reserve fund for operating and maintenance expenses for the team's use. County contributes $500,000 for the first lease year and 106 percent of the prior year's contribution for each year thereafter. The team pays for any operating and maintenance expenses that the reserve fund won't cover. County makes all capital repairs. County establishes a reserve account for such repairs and deposits $1 million each year for the life of the lease. Reds' existing lease in Cinergy Field is amended. The team pays the county the money it owes after subtracting the total amount the city and county have paid the Bengals in the so-called ''Bengals guarantee'' over the years. Annual rent in Cinergy Field shall not exceed $750,000. County assures that the team's share of revenues from private suites in Cinergy Field for 1998-2000 and thereafter shall be at least $250,000 per year. Team revenue sources include tickets, suites, club areas, broadcast rights, concessions and novelties, parking, commercial advertising, lounges, restaurants, team museum.
Highlights of Hamilton County's March 18 counter-proposal to the Reds:|
County pushes team to consider a transformation of Cinergy Field instead of a new riverfront ballpark. County also pushes team to reconsider a new ballpark at Broadway Commons.
Proposal refers to a riverfront site between The Crown coliseum and the current Cinergy Field site, commonly known as Baseball on Main or ''The Wedge''.
County agrees to hire project architect and construction manager within 60 days of initial deal to begin work on site feasibility studies.
Project will cost $235 million in 1998 dollars. That does not include land acquisition, parking and demolition costs, but it does include ''soft costs'' such as design fees.
It will take a year to design the stadium and two years to build once the site is available. The site won't be available until after the reconstruction of Fort Washington Way is complete in 2000.
Stadium will have at least 3,500 parking spaces, as long as 1,500 of them also are available for people attending football games at Paul Brown Stadium. Parking will be ''readily accessible'' to the stadium for use by team's private suite and club seat patrons, players and team employees.
Team gets parking revenues (after direct labor costs are subtracted) generated on ''Team Use Days.''
Team contributes $30 million before stadium construction begins. Revenue sources for the contribution shall include: sale of concession rights, revenues from luxury suites, sale of Charter Ownership Agreements, sales of stadium naming rights, sale of advertising, broadcast and signage rights.
Team pays $2.5 million in rent annually for the first 10 years of the lease and $1 each year after.
County agrees with Reds' requests to amend the team's current lease in Cinergy Field.
If sales goals for charter ownership agreements, private suites, club seats and season tickets aren't met on schedule, the team can kill the deal.
Team agrees that once preliminary agreement is reached with the county, it won't negotiate with anyone else for a new ballpark.
County agrees to make all necessary and appropriate capital repairs and improvements to stadium during life of the lease. County agrees to establish a reserve account for those repairs and deposit $1 million per year in the account each year of the lease.
to establish a reserve fund for operating and maintenance expenses and will deposit $500,000 annually each year of the lease.
Team agrees not to transfer the franchise outside of Hamilton County or to another location other than the stadium site.