Rainiers, city close to 30-year lease extension

image courtesy of tacoma rainiers

BALLPARK IMPROVEMENTS. This rendering depicts what the renovated Cheney Stadium will look like.

The city of Tacoma and the Tacoma Rainiers have come to agreement on terms of a 30-year lease extension for the minor league baseball team. The current lease runs through the end of 2010.

The deal is not official yet. Tacoma City Council will have to approve a bond issue measure, which would access financing for improvements to Cheney Stadium. They are scheduled to vote on Nov. 24.

Renovations will include a new grandstand superstructure, roof and concourse. Other improvements will be new concession stands, seats, luxury suites and a restaurant that will be able to operate year-round. Locker rooms and press boxes will also be expanded.

Team President Aaron Artman said arriving at a long-term lease has been a goal for him since taking this job in 2007. He said negotiations intensified over the past six months.

“From an amenities standpoint, it will be the best stadium, pound for pound, in the country,” Artman said.

The renovated stadium will have a definite Northwest feel, especially in the use of stone and wood, he added.

The Rainiers continue to be the AAA affiliate of the Seattle Mariners. Artman said a key component of maintaining that affiliation is making improvements to Cheney Stadium.

The deal dedicates sources of revenue from the team’s operations to go to debt service for the bonds. It also shows a commitment of ownership to the city as well as to Ben B. Cheney Foundation, which is overseeing additional fundraising efforts for stadium improvements.

The city’s bond issue will generate $28 million. Pierce County will contribute another $2 million. The city will pay about 30 percent of the debt service, while the Rainiers and other investors will cover the remainder through taxes on ticket sales, revenue from concession sales and other sources. The new lease will turn maintenance responsibilities over to the team.

“From our perspective, and the city’s, this make sense,” Artman said. “It frees up money the city does not have.”

The arrangement will create a revenue stream built in to go beyond what is needed to service the debt.

“This means in 30 years we will not be in this same situation again,” Artman said. “This will make Cheney Stadium a sustainable venue. I think it is a real win for everyone. It is pretty magical what happens in a city when something like this happens.”

Mike Combs, director of public assembly facilities for the city, said construction should start early next year, assuming the council approves issuing the bonds.

“It is a major remodel,” he said. “When finished, it will not look much like it does now. It will look like a brand new facility.”

Cheney Foundation is raising money, while fans contribute 50 cents each time they purchase a ticket to a game. “Everybody is participating in this,” Combs noted.

Combs is excited about the stadium being able to host business meetings and other private events and having a restaurant and team store that will be accessible not just during the baseball season.

“We will keep this facility active every month of the year.”

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