Stadium deal "very close'

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Saturday, June 20, 1998

During Friday's county commission meeting, County Administrator David Krings briefed commissioners on stadium negotiations with the Reds.

Commissioner Tom Neyer Jr. said the briefing was timely, since an agreement with the Reds to build a stadium -- likely at the Baseball on Main site -- is "very close."

The major points of the pending agreement, all of which have been outlined publicly, are:

• A $235 million stadium would be ready for the 2003 season, barring any delays in the reconstruction of Fort Washington Way, which abuts the Baseball on Main site.

• The Reds would raise $30 million and pay $2.5 million a year in rent for the first 10 years of a 30-year lease.

• Either side could back out of the agreement, called a memorandum of understanding, if it were discovered the Baseball on Main site was unworkable for any reason.

  The site requires partial demolition of Cinergy Field even as the Reds continue to play there.

The Reds may raise their $30 million through concession rights, naming rights, premium seating, the sale of charter ownership agreements or in other ways.

An ownership agreement, similar to Bengals personal seat licenses, is a payment for the right to buy season tickets.

"We don't have a strong feeling about how they come up with the $30 million," Mr. Krings said.

The terms he outlined did not include a specific site.

Previous stadium stories

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