Cincinnati Bengals Reach Agreement on NEW Stadium Lease With Hamilton County

Cincinnati Bengals Reach Agreement on NEW Stadium Lease With Hamilton County

done deal the Bengals in Hamilton County have a letter intent in place on a new stadium lease it’s time to break it all down right now on Cincinnati Bengals Talk hi again everyone and welcome in to CBT i’m James of Bengal.com hit that subscribe button ring the bell join the 55,000 plus Bengals fans that have subscribed to to CBT we’re closing in on 56,000 goal 60,000 subscribers by week one of the NFL season we’ll see if we can get there uh make sure you check out our new sponsor as well American Home Techch americanomech.com for all of your roofing and home improvement needs let’s dive into a big eventful day in the future of Por Stadium was I I don’t want to say in doubt but there were a lot of people in the area in the Cincinnati area i mean every time I I I would get asked about the Bengals it would come up like “Hey uh they aren’t moving are they?” And I would always say no and you know there was that Chicago idea which was just ridiculous and there’s the San Antonio Bengals and this and that but there was a real question hey are they going to stay in Hamilton County no the county wanted to keep them they wanted to stay was that going to happen it is happening ladies and gentlemen and we have uh terms here i I got to be honest i I watched the uh the county commissioners meeting and uh glad I’m not in politics that is boring and they probably think that sports are boring and that people like me are boring that stuff is boring but I watched it i have a bunch of details here for you and uh well it’s it’s really really good news all right so some details on the new lease agreement the Hamilton County has agreed to pay a capp number it’s an 11-year lease so through the 2036 season so this year which they were always going to be at payor this season at 2025 plus 10 more years 11 years total so that’s number one $350 million will go uh from Hamilton County to the the stadium to stadium renovations a bunch of different things and this could include new escalators this could include uh elevators this could include uh a bunch of different things throughout the stadium the Bengals will contribute 120 million so 470 million of improvements will take place over the next two to three years and here’s the interesting thing is at least the interesting thing to me that’s $470 million that does not include state funds and there’s $400 million in state funds kind of earmarked for next year for similar projects to what the Cleveland Browns have gotten approved this week by the state for their new stadium browns are getting 600 million for their new stadium but the the Bengals they could get a large chunk of that 400 million so there was an original proposal of $830 million in stadium improvements of Payor Stadium they can still get there 350 from the county 120 from the Bengals and they could obviously go up they could go up from 120 to 150 or 160 or that number could go higher if they need it to but let’s just say there’s 300 million in state funds waiting on the Bengals they haven’t officially uh asked for that yet i think they were focused here locally on the county and getting a deal done getting a new lease done so uh what other uh details are there nooks and crannies are there in this lease well it’s an 11-year lease like I said beginning this year and there are five 2-year extension options up to 21 years total so the the first option is automatic if the team reaches 24th or better in in NFL revenue so I I think that’s going to happen so we could be talking about uh an extension or two happening or that extension happening and kicking in right away they’re going to uh do a a bunch of of different things to the stadium in general um but as far as uh parking revenue 93% team 7% county stadium review after year seven or earlier according to the agreement uh the county gains uh more control uh over the stadium the last deal was like 90 plus% county handling all the maintenance and handling all of the things it’s not the case now and so I I think that that’s that’s part of it uh now there was that June 30th date that I’ve talked about a lot that is out the door basically what they’ve said is hey we we’ve reached this letter of intent let’s work out all the the the fine print and sign this lease extension but let’s not be under the gun of the June 30th deadline to do that so this letter of intent means all of the big things are done you just got to get everything on paper and get it get it signed a new lease agreement so this is as done as can be uh the the commissioners they didn’t vote on it so clearly had already agreed to this and this is simply about putting it on on paper putting it in writing and getting both sides to to sign and make it official but it’s huge news it’s huge news because and a lot of you probably do remember how weird the 90s were and it was weird because the team stunk nfl teams were moving uh there was a real sense that the Bengals at one point could move and Jeff Blake bursted onto the scene in the mid 90s 95 when it really became the shake and Blake era and and he started to to grab Bengals fans and that helped get that stadium deal over the line it really did because they stunk and guess what they stunk in 2000 in 2001 and 2002 when that stadium was brand new and and so what what’s really unfortunate is that stadium felt dated pretty much from the moment it opened and so hopefully these these things that they’re they’re adding and doing are going to continue to to modernize it and that’s one thing that they described on that the county and the attorneys for the county described is this is a more modern lease it’s more it resembles what other NFL leases across the the league are and and are currently are and and look keeps the Bengals downtown they wanted to stay downtown they wanted to stay right where they were at i I think that they bent on some things and they knew they were going to have to especially when compared to the last lease i brought that up a few times they crushed it on the last lease and Hamilton County was very aware of that obviously taxpayers very aware of that that’s something that the county knew going in hey I’m not going we are not going to let this happen again where we just get stuck with a a really bad deal we’ll see time will tell on this deal it’s not like I it’s not even like Mike Brown’s read all the fine print yet right uh because it’s a letter of intent so he’s read that of course but I mean the actual deal itself uh has not been officially signed it will it’s going to get done the thumbnail said done deal for a reason but I do think that uh this is the best thing for all sides if you’re Hamilton County the last thing you want is a stadium that’s just sitting there and if you’re the Bengals the last thing you want is to have to entertain all right are we going to Butler County are we going to Warren County are we going across the river to Kentucky are we going to to look to really really move and I don’t think that was ever a consideration but I do think other counties especially within Ohio would have had to have been a consideration had they picked up that two-year option on June 30th now you don’t have to do that you don’t have to pick up any option you have this lease agreement in place a letter of intent to sign it and both sides have agreed to that so this is huge huge news Bengals fans and overall it’s it’s great because this means I mean the next 11 years Payor Stadium they’re going to revamp it rework it they did the locker rooms last year they did a bunch of seats last year they’ve done a bunch of little things already and more is coming more is on the way and uh I’m excited i’m excited to see what it looks like hopefully you’re excited as well because the Bengals are obviously staying in Cincinnati obviously no more questions about that right until next time for Andrew Fox Miller our channel coordinator i’m James make sure you hit that subscribe button as we march to 60,000 and also please 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The Cincinnati Bengals and Hamilton County signed a Letter of Intent that included terms about a new Paycor Stadium lease.

James Rapien shares the biggest details from the agreement, what it means for the June 30 deadline and the future of the Bengals in the Queen City!

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