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GIANTS INK PRELIMINARY AGREEMENT ON BALLPARK LEASE

          The MLB Giants and the City of San Francisco reached
     preliminary settlement on a lease for the teams new China
     Basin ballpark in which the team would pay $1.2M annual
     rent, according to Epstein & King of the S.F. CHRONICLE. 
     Public costs could reach $26M for preparing the location and
     making physical improvements around the ballpark.  However,
     most of that money would come from dedicated property taxes
     that the team would pay on the 12.5-acre site where it plans
     to construct its 42,000-seat, $255M baseball-only ballpark. 
     The Giants have agreed to an initial 25-year land lease and
     that they will not move out of the ballpark during that
     period.  The lease will be signed with the China Basin
     Ballpark Co., a separate entity developed by partners who
     own the Giants.  From 2003-06 the annual rent increase will
     be based on increases in the national Consumer Price Index,
     but will be restricted to 3% a year.  From 2006-22, the rent
     will be fixed every three years, also based on the price
     index, but will not exceed 5% a year.  And from 2022-62, the
     rent will be modified according to a fair-market formula. 
     The terms of the lease call for the Giants to pay $1.2M
     annual rent to the city; agree to an initial 25-year land
     lease; and remove any toxic waste at the stadium site (S.F.
     CHRONICLE, 12/17).

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