CINCINNATI — The Cincinnati Bengals asked for the city of Cincinnati to pay for Paycor Stadium maintenance and repairs for the first time in the facility’s history, according to a lease-extension proposal released by Hamilton County in response to public record requests we made.
And that’s just one of the surprising proposals included in nine pages of proposed lease terms from the team and the county.
Here’s another from Hamilton County: “The parties will in good faith commence negotiations” as early as 2035 about “the need for a new NFL stadium.”
The dueling lease proposals happened in April, when the team and county announced a memorandum of understanding that called for the team and the NFL to contribute $120 million toward the first phase of an $830 million renovation project.
Hear what county commissioners have to say about the negotiations:
“These term sheets are reflective of where we were in April and prove what my colleagues and I have been saying from the beginning: We are seeking a better deal for the taxpayers while keeping the Cincinnati Bengals here with a long-term agreement,” Hamilton County Commission President Denise Driehaus said.
But a comparison of lease provisions shows how far apart the two sides were when county officials were asking state lawmakers for a $350 million contribution to the project.
It also suggests the parties still have a long way to go if they intend sign a comprehensive agreement by June 30, a deadline that could enable the Bengals to walk away from its $120 million spending commitment and extend its existing lease for two more years.
Hamilton County Commissioner Alecia Reece questioned whether the county's proposed letter of intent can accomplish the county's goal of replacing the Bengals' original lease.
"It's not an old lease. It's still here until we get a new replacement lease," Reece said. "What I’m seeing on these papers is that we’re looking to get an LOI. So we done went from MOU, memorandum of understanding, to LOI, letter of intent. Neither one is binding and neither one produces a new lease."
Here's a summary of other contract terms, as described in the documents:
CONTRACT LENGTH
The Bengals proposed a five-year extension of the existing lease, which ends June 30, 2026, if the county placed $308 million in escrow by June 1, 2025. It offered an additional five-year extension if the county placed another $300 million in escrow by 2028.
Hamilton County proposed a 15-year contract term with an additional five years if the project attracted state funding.
CAPITAL SPENDING
The Bengals offered to contribute $194.44 million of an $802 million renovation project, or 24% of the total. Those contributions included $45 million already spent by the Bengals and $29.44 million in county payments that the Bengals waived in 2018.
The county proposed $200 million in capital spending by the team, or 24% of $830 million. But the county’s proposal didn’t give the team credit for past spending.
RENT
The Bengals offered to pay $1 million in rent for five years.
The county proposed $1 million in annual rent for at least 15 years plus a 2.5% annual inflation adjustment.
OPERATING EXPENSES
The Bengals proposed “an agreement with the city of Cincinnati whereby 50% of tax revenues derived by the city from Paycor Stadium operations will be used for stadium maintenance and repairs.”
The county proposed an annual payment from the team of $6.5 million, escalated by inflation.
The city of Cincinnati declined to comment for this story. The Bengals did not respond to a request for comment.
But two weeks ago, the county’s former special counsel on riverfront development said the Bengals were close to an agreement to fund stadium operations and sign a new lease for up to 20 years.
Asked to confirm those details, the Bengals released a statement.
“We can affirm that the parties were far down the path on an agreement, very close on terms such as a 10-year extension with an additional 10 years of options for a total of 20 years,” said Duane Haring, Bengals director of stadium and event operations. “The team has offered to invest $120 million in stadium improvements and contribute in other ways. We remain focused on reaching an agreement by June 30.”
20250406 Bengals Term Sheet by Dan Monk on Scribd
20250411 County Term Sheet by Dan Monk on Scribd
