Thursday, August 7, 2008

Some Good News...Waiting For More...

There was some good news in the morning paper today;
The Cleveland Indians and the nonprofit organization that owns Progressive Field have reached a deal that will keep the baseball team here until at least 2023.
The pact extends an existing agreement that was set to expire in 2013 and comes as Gateway Economic Development Corp. prepares to pay off tax-exempt bonds used to finance the stadium's construction in the 1990s.
Once that debt is settled, landlord Gateway must deed the ballpark back to the city, under rules of the existing lease. The city plans to then deed Progressive Field back to Gateway under a plan approved Wednesday by the City Council.
"We're very appreciative of the time and effort everyone took to come to what we believe is a very satisfying agreement," Indians spokesman Bob DiBiasio said.
After 2023, the Indians will have four renewal options at five years each.
The Indians wanted to extend the lease now so the team could secure sponsorships and other long-term revenue, said Chris Warren, Mayor Frank Jackson's regional development chief.
Terms of the deal, which was renegotiated in 2004 after years of rent squabbles that threatened to bankrupt Gateway, will remain the same. The Indians pay Gateway for its share of operating expenses, as well as for capital repairs up to $500,000 each.
However, we could do with a little more good news for the future, like Wedge and Shapiro are gone and the Dolan's sold the team.
In this disaster of seasons on the shores of Lake Erie, I can dream, can't I?

1 comment:

Deaner said...

That's good to hear!