The city of Laredo and Ventura Sports, the owner of two independent American Association teams and another on the way, finalized their lease for a new $18 million ballpark set to open in 2012.
The Laredo City Council approved the Lease and Operations Agreement with Ventura Sports Group for the ballpark planned for construction next to the Laredo Entertainment Center for first pitch in May 2012. An overview of the lease agreement that was approved tonight between VSG and the City:
- 20-year lease with two 5-year options
- Base rent is $15,000 per month
- Ventura Sports Group will contribute $1 million towards the ballpark construction
- Ventura Sports Group and the city are on a profit-sharing arrangement
- Each side contributes $25,000 per year to a ballpark maintenance fund
- All revenues generated flow to Ventura Sports Group, with the exception of 10 percent of naming rights, which go to the City.
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