CITY OF HAMILTON AND TIGER-CATS AGREE TO STADIUM RENTAL TERMS
HAMILTON, ON – After meeting this morning, the City of Hamilton and the Hamilton Tiger-Cats have mutually agreed to rental terms for the 2015 season.
These terms will see the Tiger-Cats pay the City the full amount of $700,000 this year. This amount is due to the fact that this year is considered a half-year as a result of late delivery and as set out in the licensing agreement between the parties. In 2016, the full amount of $1.4 million will be paid and this amount will continue for the duration of the 20 year agreement.
Application of the official stadium license agreement that was approved by Council in 2014 will commence when the remaining operational and infrastructural deficiencies at the stadium have been undertaken. Upon completion, the license agreement will then come into effect and all the obligations associated with it will take effect. Any incremental costs associated with the work required to complete any aspect of the stadium related to the fan experience will be pursued in partnership by the Tiger-Cats and the City in claims against the stadium building consortium Ontario Sports Solutions (ONSS).
The City will address any lost revenue and costs incurred through our project agreement between Infrastructure Ontario and ONSS due to late delivery of the stadium. The City will ensure it facilitates the resolution of the deficiencies as soon as possible and will continue to work with the Province of Ontario and the Tiger-Cats to do so.