Should Onondaga County sell Alliance Bank Stadium?
Thu, 19 Jan 2012 20:34:22 GMT —
A new deal is in the works between Onondaga County and the Syracuse Chiefs, and it would include an option for the Chiefs to buy Alliance Bank Stadium.
The leasing deal between the Chiefs and the county expired at the end of 2011. The new deal would run through 2022. County Executive Joanie Mahoney says the Chiefs would pay a base rent of $126,000 per year. That would increase 2% every year for the remainder of the lease.
The Chiefs would also take on about $500,000 each year in annual maintenance, utility, and other costs. However, county taxpayers would still be responsible for about $500,000 each year in stadium related costs, unless the Chiefs exercise an option in the contract to buy the stadium.
The Chiefs could buy the stadium for $2.8 million. General Manager John Simone says the organization will probably decide whether they want to buy the stadium within the next two years.
It cost $28 million to build Alliance Bank Stadium 15 years ago. Mahoney says that included about $22.6 million in taxpayer dollars. She says the price for the Chiefs to buy the stadium is so low because of the specialized use of the stadium. She also says the county is looking for ways to decrease expenses, and selling the stadium is one way that can be done.
Do you think the county should sell Alliance Bank Stadium to the Chiefs for $2.8 million? Post your comments below.