Hamilton County, Bengals reach agreement to keep Bengals at Paycor Stadium

Facing a critical deadline on Monday, Hamilton County leaders and the Cincinnati Bengals announced on Thursday that they’re moving forward with a new lease agreement that will keep the team playing at Paycor Stadium through at least 2036.Commissioners Denise Driehaus and Stephanie Summerow Dumas voted in favor of a negotiation resolution. Commissioner Alicia Reece abstained.”We are entering into an agreement in collaboration with the Bengals,” said commission Pres. Driehaus. “As you know, that has been a strained relationship in the past. But we are coming together today to announce the terms for the new lease.”The resolution passed, authorizing “negotiation of a new lease agreement with the Cincinnati Bengals.” “This is a significant day for the Bengals and Hamilton County as we secure the team’s future in Cincinnati,” said Bengals Executive Vice President Katie Blackburn in a statement after Thursday’s yes vote. “We thank the Hamilton County Commissioners for supporting this agreement to ensure Paycor Stadium remains an excellent venue and a focal point for Cincinnati’s riverfront. We are proud to call Paycor Stadium our home and to keep our future here in Cincinnati, where it belongs.”The new lease terms presented Thursday include $350 million in stadium improvements from Hamilton County and $120 from the Bengals, making it a total of $470 million without state funding. That’s down from $830 million proposed earlier. Efforts to secure stadium money from the state are ongoing.The lease framework announced on Thursday shows funding for the renovation work at Paycor will involve a 75/25 percent split, down from the county’s past contribution of 88 percent of the total project cost.Under the new terms, the Bengals have also agreed to pay rent: $1 million in first three years and $2 million after that.The team has also agreed to let county officials have more say over what can happen inside Paycor on non-game days.”We can now have this conversation, right. What what else are we going to do with the stadium? It’s it’s ours. It’s yours. So let’s think through that and think about all the things that we can program now into the county’s facility,” Driehaus said. “We couldn’t have that conversation before this because the Bengals controlled all of it. And so that’s no longer the case. Some of the details are being negotiated. But the good news for the taxpayers is they get access to their own facility.”The new lease term will last at least 10 years. At the end of the new agreement, the Bengals will “be afforded five 2-year extensions.” The team’s first option to extend will be automatic if the Bengals reach a ranking of 24th or better in terms of total NFL revenue. The renovations would take two to three years to complete. Next steps will involve finalizing the lease provisions, ensuring parties act in good faith to finalize the lease. “There are a lot of parts to this. And we want to be careful, take our time to make sure that we are measured and careful in the way that we get everything done,” said attorney Marty Dunn, who’s negotiating on behalf of the county. “Every business deal starts with this kind of arrangement. There’s a letter of intent, there’s a summary of the terms. And then you get into all of the documentation.”Dunn is among those working on a letter of intent. He said it should be ready on Monday. It will include a new deadline for a final lease deal – based on the framework outlined on Thursday – that will need to be approved by county commissioners. This is a developing story, WLWT will continue to add more information as it comes in.

CINCINNATI —

Facing a critical deadline on Monday, Hamilton County leaders and the Cincinnati Bengals announced on Thursday that they’re moving forward with a new lease agreement that will keep the team playing at Paycor Stadium through at least 2036.

Commissioners Denise Driehaus and Stephanie Summerow Dumas voted in favor of a negotiation resolution. Commissioner Alicia Reece abstained.

“We are entering into an agreement in collaboration with the Bengals,” said commission Pres. Driehaus. “As you know, that has been a strained relationship in the past. But we are coming together today to announce the terms for the new lease.”

The resolution passed, authorizing “negotiation of a new lease agreement with the Cincinnati Bengals.”

“This is a significant day for the Bengals and Hamilton County as we secure the team’s future in Cincinnati,” said Bengals Executive Vice President Katie Blackburn in a statement after Thursday’s yes vote. “We thank the Hamilton County Commissioners for supporting this agreement to ensure Paycor Stadium remains an excellent venue and a focal point for Cincinnati’s riverfront. We are proud to call Paycor Stadium our home and to keep our future here in Cincinnati, where it belongs.”

The new lease terms presented Thursday include $350 million in stadium improvements from Hamilton County and $120 from the Bengals, making it a total of $470 million without state funding. That’s down from $830 million proposed earlier. Efforts to secure stadium money from the state are ongoing.

The lease framework announced on Thursday shows funding for the renovation work at Paycor will involve a 75/25 percent split, down from the county’s past contribution of 88 percent of the total project cost.

Under the new terms, the Bengals have also agreed to pay rent: $1 million in first three years and $2 million after that.

The team has also agreed to let county officials have more say over what can happen inside Paycor on non-game days.

“We can now have this conversation, right. What what else are we going to do with the stadium? It’s it’s ours. It’s yours. So let’s think through that and think about all the things that we can program now into the county’s facility,” Driehaus said. “We couldn’t have that conversation before this because the Bengals controlled all of it. And so that’s no longer the case. Some of the details are being negotiated. But the good news for the taxpayers is they get access to their own facility.”

The new lease term will last at least 10 years. At the end of the new agreement, the Bengals will “be afforded five 2-year extensions.” The team’s first option to extend will be automatic if the Bengals reach a ranking of 24th or better in terms of total NFL revenue.

The renovations would take two to three years to complete.

Next steps will involve finalizing the lease provisions, ensuring parties act in good faith to finalize the lease.

“There are a lot of parts to this. And we want to be careful, take our time to make sure that we are measured and careful in the way that we get everything done,” said attorney Marty Dunn, who’s negotiating on behalf of the county. “Every business deal starts with this kind of arrangement. There’s a letter of intent, there’s a summary of the terms. And then you get into all of the documentation.”

Dunn is among those working on a letter of intent. He said it should be ready on Monday. It will include a new deadline for a final lease deal – based on the framework outlined on Thursday – that will need to be approved by county commissioners.

This is a developing story, WLWT will continue to add more information as it comes in.