Mariners will contribute $120M to a new Capital Expenditure Fund for ballpark upgradesgetty images
The Washington State MLB Stadium Public Facilities District (PFD) formally adopted lease terms for a new 25-year lease for Safeco Field. Yesterday's agreement, reached jointly with the Mariners, also includes options for two three-year extensions. The new lease and potential extensions will continue PFD's partnership with the Mariners until '49. The lease terms also require the Mariners to pay 100% of the costs of maintenance and operations and contribute to the ongoing capital improvements that will be needed in the decades to come (PFD). In Seattle, Ryan Divish reports the new lease "will take effect" in '19. Mariners Chair & Managing Partner John Stanton recently said that once the lease was agreed upon the "process to announce a new naming-rights partner, replacing Safeco Insurance, would follow." He "hoped to announce that during this season." The lease agreement "includes a long-term plan for capital investment in the publicly-owned facility." The PFD and Mariners "commissioned a study" by Populous, whose findings identified $385M in "capital improvements to basic ballpark infrastructure that will be necessary over the next 25 years." Over the life of the lease, the Mariners "will contribute" some $650M to the PFD and the ballpark. That will come in the form of rent -- $55M over 25 years ($1.5M per year with CPI escalation), at least $10M of which will be "applied to ballpark capital improvements." The Mariners will also contribute $120M to a "new Capital Expenditure Fund for ballpark upgrades and improvements necessary to keep Safeco Field in first-class condition." Additionally, the Mariners will "continue to pay for all ballpark operation and routine maintenance costs," estimated at $250M over the life of the lease (SEATTLE TIMES, 5/24).
