( Cincinnati ) - The Hamilton County Prosecutor calls it "a new day."
A statement from the Bengals says it's "a significant day."
County Commissioners and the team have agreed to the major points in the framework of a new stadium lease deal that'll keep the Bengals in Cincinnati. It's something they've been negotiating for years, with the heat really turning up in recent months as the current stadium lease runs out on June 30.
This new agreement will have Hamilton County picking up 75% of the cost to renovate Paycor Stadium, and the Bengals covering the other 25%. This new agreement will also allow for more events to be held at Paycor Stadium--owned by the county--on days when the Bengals don't play. It also means the Bengals have less authority to restrict development on nearby lots in The Banks development. The 11-year deal would start in the fall of 2025 with an option for multiple two-year extensions.
"We can finally answer the question 'did we get a better deal for the taxpayers while keeping the team here?' and the answer is 'yes we did," says Hamilton County Commissioner Denise Driehaus. She also gives credit to the Bengals for not extending the current lease for another decade.
A statement from the Bengals says "the agreement supports a reasonable approach to modernize the 25-year-old stadium at a time when other communities are faced with multi-billion-dollar new stadium projects. It says the Bengals and Hamilton County will continue delivering "unforgettable moments" for years to come.
A final lease will now be written, subject to final approval by commissioners and the team.