The Cincinnati Bengals announced it has finalized a new lease that will keep the team at Paycor Stadium through June 2036, with the option for a 10-year extension through June 2046.
As part of the lease deal, the Bengals will invest $120 million in a renovation project at the 25-year-old stadium. The team said its financial obligation covers “75% of new improvements” to the stadium, adding that it would “continue to work collaboratively” with Hamilton County officials “to secure meaningful funding from the State of Ohio to further support the renovation efforts.” County officials have pledged $350 million for stadium renovations
“The Bengals thank Hamilton County and its Commissioners for demonstrating leadership and taking steps that continue moving Cincinnati forward,” said Bengals Executive Vice President Katie Blackburn. “This new lease keeps Paycor Stadium on par with other communities around the country and a focal point for Cincinnati’s riverfront. More importantly, it solidifies the future of the Bengals in Cincinnati, our beloved home, for many years to come.”
However, WLWT reports County Commissioner Alicia Reece is challenging the deal with proposed legislation that would put the lease on the ballot for voter approval.
“It has been almost 30 years since the citizens and taxpayers of Hamilton County went to the polls to vote on this issue, during which homeowners were promised a 30% property tax rollback,” Reece said. “For something of this magnitude, it is important for the taxpayers of Hamilton County to have a say in a deal totaling $350 million—plus interest—that places the financial burden on them. This deal would eliminate the possibility of fulfilling the 30% property tax promise and provides no direct benefits to local taxpayers.”
Photo: JonRidinger / Wikimedia Commons
