The Lake County Captains and the city of Eastlake reach a new lease agreement for Classic Park.
The Lake County Captains (Low Class A; Sally League) and the city of Eastlake have finalized a proposed lease agreement for Classic Park that features a sliding scale based on gate receipts.
The team is in the seventh year of a 25-year lease — traditionally the time when baseball franchises experience their first real slump. And the Captains are no exception, anticipating lower attendance this season because of challenges on the season-ticket front.
The response is a new lease that bases the rent on the gate receipts: if receipts are below $1.5 million, the rent is $200,000. As receipts rise in $250,000 increments, the rent will rise in $25,000 increments. If approved, the lease would be in effect for the next five seasons, beginning in 2009.
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