The City of Amarillo and Panhandle Baseball Club Inc. have signed an agreement for a team to play in the multi-purpose event venue baseball stadium for thirty years.
It was announced last night that the members of the Amarillo City Council had signed an agreement with Panhandle Baseball Club to lease the MPEV to a team for thirty years.
Mayor Ginger Nelson praised the agreement, calling it "a long-term commitment to the future of Amarillo." City officials are reporting that the stadium will be funded by Hotel Occupancy Tax collections and the team's $400,000 per year rental payments.
Earlier this year, a spokesperson for the City of Amarillo told the Amarillo Pioneer that the project may also be funded by PID bonds, which are funded by property tax collections with in a public improvement district.
Panhandle Baseball Club, Inc., led by D.G. Elmore of Elmore Sports Group, brokered a deal with the City of Amarillo through the Fairly Group, led by Alex Fairly. The Fairly Group was the recent recipient of a $1.8 million economic incentive package through the Amarillo Economic Development Corporation. AEDC president Barry Albrecht has denied that Fairly's involvement in the MPEV deal played any role in the incentive package.
Within the deal, the City of Amarillo is agreeing to provide the AA-baseball team with 1,000 surface parking spaces around the stadium. A portion of the spaces are expected to be provided within the recently-built parking garage. The newly built parking garage will provide spaces for events at the Amarillo Civic Center, Amarillo City Hall, the Globe News Center for the Performing Arts, the MPEV and Potter County.
City officials are also agreeing to provide security for events and advertising space within the stadium that will be utilized by the team. The lessee of the stadium will also have all control over stadium naming rights, media rights and all other revenues associated with the stadium.
The first game is expected to be played in 2019 in the $45 million stadium.