| Subject: New Deal |
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Ian
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Date Posted: 13:10:57 10/15/03 Wed
From the Southtown:
http://www.dailysouthtown.com/southtown/yrtwn/south/153syt1.htm
Cheetahs new lease could last until 2018
New owners building front office, paying higher rent
Wednesday, October 15, 2003
By Steve Schmadeke
Staff writer
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Crestwood has given the new owners of the Cook County Cheetahs minor league baseball team a lease with options that could keep them in the village's stadium until 2018.
In return, the owners agreed to put up $100,000 for a new multipurpose front office building and will pay a higher minimum rent than the previous owners, who were given a five-year lease.
"It's a positive thing," team president Kevin Rhomberg said. "We're not going anywhere. Fans know they'll have a professionally managed baseball team. The city knows they have a tenant."
Officials expect groundbreaking on the building, which will combine a front office with ticket sales and space for Cheetahs souvenirs, to begin in the next few weeks. The village has pledged to cover any extra costs above $100,000, according to the agreement.
The Cheetahs' contract runs for five years with two five-year extensions, provided the team "conducted its baseball operations in a high quality and professional manner."
At least six months before the end of each five-year term, team owners must notify the village in writing that they want to extend the contract. The village ultimately decides whether to approve the extension.
Minimum rent is $60,000 next season and $80,000 the next four years. The team will pay no less than $90,000 a year during the first extended term and no less than $100,000 a year during the second.
Crestwood receives all income from parking, $1 per paid admission and 20 percent of revenue from scoreboard advertising.
Under the previous contract, team owners paid a $50,000 minimum rent each year. Parking, admission and scoreboard revenue were split the same way they are under the new contract.
Mayor Chester Stranczek said the village was willing to give the team a longer lease because the new owners agreed to upgrade the stadium. But he said if the team's attendance figures continue to lag, the village may not grant any contract extensions.
"If things don't improve, they're not going to be welcome here either," he said. "But I don't think that's going to happen. We've got seven good businessmen who are putting their money where their mouth is."
The team was purchased last month from a group headed by Blistex chairman and chief executive David Arch. The new owners include local businessmen, a prominent former politician and Stranczek's son.
Steve Schmadeke may be reached at sschmadeke@dailysouthtown.com or (708) 633-5966.
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