Terms for a new Fayetteville ballpark lease have been leaked to the local newspaper, but there’s nothing too surprising, generally speaking, as the city is seeking an ironclad commitment and the Houston Astros are willing to provide one.
The Fayetteville Observer published these general terms today:
- The Astros would guarantee the city 30 years of lease payments, and the city is promised a minor league team during the lease.
- The Astros would guarantee the city 30 years of lease payments, and the city is promised a minor league team during the lease.
- The Astros would pay the city $250,000 in annual stadium rent for the first five years. The rent would increase over the remaining 25 years.
- The Astros would commit to not sell the new team within the first seven years.
- The city and the Astros would share the costs for major repairs or renovations during the 30-year period.
None of these are outside the mainstream of current ballpark leases, and we’re expecting a final lease to be more specific on how capital improvements and repairs will be funded and managed.
But this lease doesn’t address the big question: How Fayetteville plans on financing construction of the ballpark. The lease certainly won’t cover costs of construction, and Fayetteville officials have been seeking partners both in the public sphere and in the development community.
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