The S.F. Port Commission approved the MLB Giants'
Pacific Bell Park lease on its 12.5 acre site, according to
Edward Epstein of the S.F. CHRONICLE. The unanimous vote
"was important both for nailing down key aspects of the
finances" for the $262M project and "for setting the stage
for gaining the final governmental approvals needed before
construction can begin." The Giants hope to break ground in
late October or early November. The lease's "basic"
financial terms "don't differ much" from those unveiled
earlier where the team will pay the port "a minimum rent" of
$1.2M a year for an initial period of 25 years, at which
time extensions adjusted for inflation "can carry the lease"
for an additional 41 years. The Giants also "agree not to
move" from the park's opening, "expected" in April 2000,
through December 2022. The team could also pay $2M a year
in a possessory-use tax, "which would be invested in
improvements around the site." The team can also hold 14
non-baseball events at the park per year, with a maximum of
three rock concerts a year (S.F. CHRONICLE, 7/23).
