· Related development
Council approves 5-0 a 30-year ballpark lease with Elmore Sports Group's Panhandle Baseball Club
Elmore Sports Group and the city came to terms on a lease running April 1, 2019 through December 31, 2048, with $400,000 per year: $225,000 to a capital maintenance fund and $175,000 toward facility debt. The team may request a renovation in 2035 and may leave in 2038 if it is denied.[1][2]
Elmore Sports Group
What the sources say
- ✓ Verified
The lease runs April 1, 2019 through December 31, 2048 at $400,000 per year ($225,000 to a capital maintenance fund and $175,000 toward facility debt); Elmore Sports Group may request a renovation in 2035 and may leave in 2038 if it is denied, and controls facility revenue including concessions, gate, 1,000 parking spots, suites and naming rights.[1]
- Annual
- $400,000
- Capital maintenance
- $225,000
- Debt service
- $175,000
- Term start
- 2019-04-01
- Term end
- 2048-12-31
- ✓ Verified
D.G. Elmore, Elmore Sports Group: D.G. Elmore, chairman of Elmore Sports Group, said the lease was designed to show a 'very long-term commitment to Amarillo.'[1]
- ✓ Verified
On September 26, 2017 the City Council voted 5-0 to execute the MPEV agreement between the City of Amarillo and Panhandle Baseball Club, Inc., and voted 5-0 to execute a non-relocation agreement with the same company. Voting yes were Mayor Ginger Nelson and Councilmembers Elaine Hays, Freda Powell, Eddy Sauer and Howard Smith. [2]
- ✓ Verified
Jared Miller, City Manager (as summarized in council minutes): According to the September 26, 2017 minutes, City Manager Jared Miller said the lease would run 30 years at $400,000 per year paid by Panhandle Baseball Club, Inc. ($175,000 to service the debt and $225,000 set aside for future capital improvements); the Elmore group would be responsible for maintenance and non-capital stadium repairs; the City would receive 100% of parking garage fees; the team would be allotted 1,000 parking spaces; and "the $45.5 million stadium will be paid by using HOT tax." [2]