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Keys, Frederick have draft lease; aldermen want more information

Frederick KeysThe Frederick Keys (High Class A; Carolina League) have reached a proposed lease agreement for Harry Grove Stadium, but city aldermen presented with it objected to some of the terms and asked for more information from city staff.

The lease called for the Keys’ base rent to go up from $30,000 annually to $100,000 for a ten-year deal. It also details how potential naming-rights and other ballpark revenues would be divided (50-50 when it comes to naming rights, 60-40 split for parking fees exceeding $150,000, 50-50 for scoreboard signage revenues over $50,000).

At a city meeting last week, Alderwoman Karen Young raised several objections to the lease, saying she needs more information about how certain revenues were calculated before she’ll sign off. Another workshop with city staff and aldermen is apparently on the docket, as other aldermen said city staff gave up too much in terms of revenues. While the lease does raise the base rent, it adds other costs to the city, and it apparently doesn’t give the city control over a naming-rights sale. So while a draft agreement is in place, look for aldermen to tinker with the terms.

RELATED STORIES: Frederick committee recommends Keys retain ballpark lease; Two bids submitted for Frederick lease; Keys: We want to stay in Frederick; Frederick: Affiliated team to have advantage in ballpark bidding; Frederick to put ballpark lease to bid; Keys on market; Ballpark Visit: Harry Grove Stadium / Frederick Keys


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