Citi Field Lease Agreement: What You Need to Know
Citi Field, the home of the New York Mets, is one of the most iconic ballparks in Major League Baseball. The stadium, located in Queens, has been the team’s home since 2009 when it replaced Shea Stadium. While the stadium itself is impressive, what many people may not know is that it is the result of a complex lease agreement between the Mets and New York City.
The Citi Field lease agreement is a 35-year deal signed in 2006 between the Mets and the City of New York. The agreement allowed the Mets to build a new stadium to replace Shea Stadium, which was showing its age as it approached its 40th birthday. The lease agreement also provided for the development of the surrounding area, including the construction of a new Mets Hall of Fame and Museum and other retail and entertainment venues.
Under the terms of the lease agreement, the Mets are responsible for paying for the construction, maintenance, and operation of Citi Field. The team is also responsible for paying an annual rent to the city, which is based on a percentage of the stadium’s gross revenues. The rent starts at $3.4 million per year and increases over time.
One of the most controversial aspects of the Citi Field lease agreement was the use of public funds to finance the construction of the stadium. The city provided $616 million in tax-exempt bonds to help finance the project. Critics argued that using public funds to build a stadium for a privately-owned team was a misuse of taxpayer money.
In response to these criticisms, the Mets agreed to pay the city $20 million per year in rent for the first five years of the lease agreement. The team also agreed to share a portion of its parking revenue with the city and to pay for any cost overruns associated with the construction of the stadium.
Another key provision of the lease agreement is the Mets’ commitment to use Citi Field for baseball games and related events, such as concerts and other sporting events. The team is required to play at least 81 regular season home games per year and to make the stadium available for use by high school and college baseball teams.
Overall, the Citi Field lease agreement is a complex document that outlines the terms and conditions of the Mets’ use of the stadium and the surrounding area for the next 35 years. While the use of public funds to finance the stadium remains controversial, the lease agreement represents a significant investment by the Mets and the city in the future of baseball and entertainment in New York.