There is up for a discussion an agreement between the Los Angeles Angels and the city of Anaheim for a 30-year commitment to the city independent of any development deal made with Arte Moreno’s investment group.
The agreement does not include the Moreno investment group, which has a separate agreement to buy the 153 acres comprising the Angel Stadium area as part of a multi-billion-dollar development. This separate agreement with the Angels proper is to formalize the team’s commitment to stay in Anaheim through 2050, with potential subsequent options. It is designed to protect the city should Moreno ever sell the Angels and keep the development, outlining penalties should the team leave the agreement early. The penalties are pretty stiff, beginning at $300 million and then decreasing every year the agreement is in effect.
You can read the agreement here. The agreement is expected to be taken up by the Anaheim City Council on Tuesday.
While this agreement is a formality–Moreno agreed to keep the Angels in town when agreeing to the development deal–it’s an important step that is designed to reassure critics of the deal that the team will stay in town no matter what.
Moreno’s development firm, SRB Management, has proposed a mixed-use development plan like the one employed at SunTrust Park and The Battery, including retail, bars/restaurants, apartments, condos, hotel and services in the mix. The sale includes the 20-acre Angel Stadium site and an additional 133 acres comprising 12,500 parking spaces for games and events, City National Grove of Anaheim, a 1,700-seat theater.
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