ContractExisting Option Agreement • December 5th, 2020
Existing Option Agreement Memorandum of Understanding Proposed Definitive Agreement Explanatory Notes Defined Term ("EOA") ("MOU") ("DA") Date of Agreement April 4, 2007 November 9, 2010 Proposed: April 2012 Total Lackawanna County Taxpayer Investment Unknown. Unknown. ZERO. Total SWB Yankees Investment $17.1 million over 20 years. $37 million. $40.85 million plus excess maintenance/improvement obligations (which could be $15 million or more). OA: $14.6 million plus $125,000 annually for 20 years. MOU: $37 million includes $14.6 million purchase price and an annual payment of$750,000 for 30 baseball seasons. DA: $40.85 million includes $14.6 million purchase price and an annual payment of$900,000 for 25 baseball seasons and$750,000 for an additional 5 baseball seasons. Plus, potentially millions in future capital repairs based on Ewing Cole's 30- year projected capital maintenance requirements. Total State Investment None. $22 million. Same as MOU. Total 30-Ye
ContractExisting Option Agreement • May 12th, 2022
Existing Option Agreement New Agreement Explanatory Notes SWB Yankees Investment $14.6 Million plus $125,000 annually. $37 Million. $37 Million includes $14.6 Million purchase price and an annual payment of $750,000 for thirty baseball seasons. Sales Price $14.6 Million less any encumbrances or charges levied on the Authority by SWB Yankees. $14.6 Million without any contingency charges or encumbrances. While SWB Yankees would have preferred to exercise its right to purchase at $13 Million, SWB Yankees agreed to not exercise the option and pay an exercise price of $14.6 million. Lease Term No less than 20 years. No less than 30 baseball seasons. Triple A baseball has been in Lackawanna County for the last 22 years. This change guarantees that Triple A baseball remains in Lackawanna County for at least an additional 30 baseball seasons, without taking into consideration exercise of the Authority’s repurchase right by itself or a third party or extension of the lease by SWB Yankees. Le
