Cleveland Guardians officials say the team has reached an agreement to extend its lease at its downtown ballpark through at least 2036.
Team officials said Thursday financing has been secured for improvements at Progressive Field.
Team owner and CEO Paul Dolan says the agreement will lead to a more “compelling fan experience” and will keep the facility “modern and relevant for many more years to come."
Renovation work is scheduled to begin after the 2022 season. The announcement comes after the Cleveland City and Cuyahoga County councils approved the deal.
The deal commits money from the city, Cuyahoga County and state of Ohio toward repairs and improvements at the home of the newly renamed Cleveland Guardians. The team will shoulder about a third of the deal’s overall cost, which is estimated at approximately $435 million.
Cleveland will pay $8.4 million annually over the 15 years of the extended lease.
That money will come from admissions tax collections at the field, revenue from a city-owned parking garage on the site, the sale of garage naming rights and a reserve fund created by a prior stadium deal.
The city will also pay $350,000 yearly from its general fund, the pool of money used for basic city staff and services. That amount could grow if revenue from the garage or naming rights fall short of expectations.
