Thursday, December 2, 2010
Reds agree to pay ballpark rent
CINCINNATI -- The Cincinnati Reds and Bengals will pay rent at their sports stadiums for the first time in a deal that will trim back a tax cut for property owners but is intended to pull the stadium fund out of the red.
Hamilton County officials said Thursday that commissioners committed to a plan intended to erase projected deficits for the next two years in the fund that pays for the stadiums. The county had projected a $16 million deficit for 2011 prior to the deal. That deficit was expected to grow by another $16 million by 2012.
County officials say the Reds will pay $2.2 million for Great American Ball Park and the Bengals agreed to pay $7.4 million in rent for Paul Brown Stadium over the next five years.