According to KOMONews, The Mariners have approved terms for a new 25-year lease for Safeco Field. The lease and options for two three-year extensions could keep the team there until 2049.
The team's current 20-year lease expires at the end of the year.
The team adopted the lease terms with the Washington State Major League Baseball
Public Facilities District.
As part of the terms, the team will pay for 100 percent of maintenance and operation costs and contribute to capital improvements.
The Mariners said these are the terms of the deal.
Under terms of the new agreement, over the life of the lease, the Mariners will contribute some $650 million dollars to the PFD and the ballpark in the form of:
• Rent -- $55 million over 25 years ($1.5 million per year with CPI escalation), at least $10 million of which will be applied to ballpark capital improvements;
• Capital Expenditures & Improvements – The Mariners will contribute $120 million to a new Capital Expenditure (CapEx) Fund for ballpark upgrades and improvements necessary to keep Safeco Field in first-class condition ($3.25 million per year with CPI escalation);
• Maintenance & Operations -- The Mariners will continue to pay for all ballpark operation and routine maintenance costs, estimated at $250 million over the life of the lease. Over the last 19-years, the Mariners have invested over $350 million in maintenance, operations and capital improvements and repairs at the ballpark;
• Taxes collected on admissions and parking for ballpark events – An estimated $175 million will be generated from taxes collected on parking and tickets sold for Safeco Field events. The Mariners will direct these revenues to the PFD for contribution to the CapEx Fund;
• Revenue Sharing – 1.5%-2% of revenue from ticket sales guaranteed for each year. This could provide over $50 million for the CapEx Fund;
• Neighborhood Improvement Fund – The Mariners will contribute to the newly created Ballpark Neighborhood Improvement Fund to be used at the discretion of the PFD to support various projects that enhance the communities surrounding Safeco Field.
One King County council member has already come out against the deal. Dave Upthegrove said he is opposed to provisions in the lease earmarks about $180 million in public money for Safeco Field over the next two decades.
"The Seattle Mariners are a profitable, private company that can and should pay their own expenses," he said in statement. He said the money could be better spent on affordable housing and helping homeless young people.
“The proposal correctly notes the county is already spending the required minimum of hotel/motel taxes on housing, but that clearly isn’t enough. Yet we are now on the cusp of taking around $180 million dollars that could be used to help families and homeless kids and instead choosing to give it to a professional sports stadium.”