CINCINNATI (WKRC) – Hamilton County and the Cincinnati Bengals have reached an agreement on a new lease for Paycor Stadium.

This means the team will stay in Cincinnati for at least another 11 years. After months of negotiations, the deal was finalized just before a looming Monday deadline, with both parties still needing to finalize some finer details.

The new lease, which begins this season, requires the Bengals to pay $1 million annually for the first three years, increasing to $2 million by the fourth year. The agreement includes options for two five-year extensions, potentially keeping the team in Cincinnati through 2046.

Hamilton County Commissioner Denise Driehaus described the day as “historic” and acknowledged that while the lease is not perfect, it is an improvement over the previous arrangement.

“Remember the old lease and what we had to deal with,” Driehaus said. “And the idea that the team could have extended that lease for the next 10 years.”

Stephanie Summerow Dumas expressed her enthusiasm for the deal.

“We’re all standing in the middle of a miracle,” said Dumas.

The lease agreement also involves nearly $500 million in upgrades to Paycor Stadium, with the Bengals contributing $120 million and Hamilton County providing $350 million.

Joe Cobbs, a business professor at Northern Kentucky University, noted that the deal is less costly than other recent NFL projects.

“They are putting forth a substantial amount of money to improve this capital asset, and you want to know that your biggest tenant is going to be there,” Cobbs said.

Bengals Executive Vice President Katie Blackburn expressed pride in the agreement.

“The Bengals are proud to call Paycor Stadium our home and to keep our future here in Cincinnati where it belongs,” said Blackburn.

Hamilton County commissioners approved the deal with a 2-0 vote, while Commissioner Alicia Reece abstained, citing the need to review the full lease before offering her support.

“I must read all fine print. I must read what exactly they signed in writing,” Reece said.

The county is also seeking financial assistance from state lawmakers to help cover the cost of the stadium improvements.