The Schaumburg Boomers (independent; Frontier League) and the Village of Schaumburg have worked out proposed revisions to their Boomers Stadium lease, and both sides say they’re happy with the terms.
Boomers Stadium used to be jointly owned by the village and the Schaumburg Park District, but that situation changed after the Park District ceded its 50% share of the ballpark in October. The lease needed to be revised after the ownership situation changed, and the process gave village officials and the Boomers an opportunity to rework certain terms of the agreement.
Among the proposed revisions mapped out by the two sides is an extension, as an agreement that was originally to expire after the 2020 season will now run through the 2024 campaign (plus potential five-year extensions beyond then). The proposal will go before the village board for a vote on Tuesday night, and representatives from both sides–including Village of Schaumburg mayor Tom Dailly and Boomers general manager Michael Larson–are expressing satisfaction with the potential revisions. More from the Daily Herald:
“It’s a long-term commitment that smooths things out for both parties,” [Larson] said. “We’re looking forward to the stability that it presents.”
The proposed changes would make some alterations to each side’s responsibilities and share of revenue, with the aim that when the team does better, the village will do better as well, Dailly said.
While the agreement still seeks 10% of the team’s gross revenue as rent, with a minimum of $75,000 per year, it would set a cap of $110,000 if the team makes less than $3 million. The village received $121,181 in rent in 2018.
But that cap would be raised to $132,000 if the team’s gross revenue exceeds $3 million, and up to $176,000 if revenues were greater than $4 million.
Prior to the recent ownership change, the village and park district had jointly owned the ballpark since it opened in 1999.