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ORLANDO'S BASEBALL EXPANSION TOUTS FAVORABLE LEASE AGREEMENT
Published September 15, 1994
The county commission in Orange County, FL, passed a resolution on Tuesday that approves of the ownership group seeking an expansion MLB franchise for Orlando and establishes an understanding for the lease of a proposed baseball stadium in the area, according to documents released to THE SPORTS BUISNESS DAILY. FL developer Norton Herrick is the majority partner, with CO accountant Stephen Kurtz and Rockies General Counsel Paul Jacobs also in the management group. Highlights from the resolution: -- The term of the lease will be 30 years (or such period that matches the bond issue) with the Owner having the option to renew for five 5-year periods. The Owner will have the option to purchase the Ballpark, parking and related facilities at the end of the term. Neither the Owner nor any successor may relocate during the term. -- Nominal rent ($100/year) will be paid to localities. -- Commencing in the 3rd season, an amount will be paid equal to the lesser of 5% of face value or $1 of each baseball ticket sold; $1 for each non-baseball ticket sold. -- The Owners receives ALL REVENUE from broadcast rights; rent from private suites; novelties/merchandise; concession/catering; Stadium Club memberships; non-baseball events; advertising and naming rights revenue, including scoreboard signage; all parking revenue; right of first refusal to purchase or lease land for development within Sports Development District; and approval rights over design and construction of Ballpark and related facilities. -- The Owner retains responsibilities for all facility operations, parking and maintanence; guarantees payment of principal and interest on parking revenue bonds (estimated at $3.5M annually); maintains liability and property insurance; provides security; and pays utilities. -- The Local Gov't has responsibility for costs of design and construction to be financed through a bond issue. The bond issue will be supported by a one cent resort tax increase. The localities will also receive $2M/year for up to 30 years from the State of Florida for debt service. -- The Ballpark will be an open-air stadium with a natural grass surface and seat between 45,000 and 52,000, with a minumum of 9,500 controlled parking spaces. -- There are no real estate taxes (THE DAILY, 9/15).