229.6802 Lease and nonrelocation agreements required.
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/wi/chapter-229/229-6802-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
229.6802 Lease and nonrelocation agreements required. The grant under s. 16.09
(3)may not be awarded unless the secretary of administration determines that all of the following apply:
(1)Lease. The district has entered into a customary lease arrangement with a professional baseball team that satisfies all of the following:
(a)Has a standard term that expires no earlier than December 31, 2050.
(b)Requires the professional baseball team to make at least 27 annual deposits in the amount of $300,000 into the baseball park facilities improvement segregated fund under s. 229.687 beginning in 2024.
(c)In addition to the deposits under par.
(b), requires the professional baseball team to make at least 27 annual deposits in the amount of $1,851,852 into the baseball park facilities improvement segregated fund under s. 229.687 beginning in 2024.
(d)In addition to the deposits under pars.
(b)and
(c), requires the professional baseball team to make at least 22 annual rental payments in the amount of $1,208,401 to the district beginning in 2024 and to make at least 5 annual rental payments in the amount of $3,208,401 to the district beginning in 2046, of which the district shall deposit not less than $2,000,000 of each such payment into the baseball park facilities improvement segregated fund under s. 229.687 .
(e)In addition to the deposits and payments under pars.
(b),
(c), and
(d), requires the professional baseball team, or a 3rd party on the professional baseball team’s behalf, to make financial contributions in connection with the development, construction, improvement, repair, and maintenance of the baseball park facilities during the term of the lease in an amount that totals $50,000,000, of which $25,000,000 must be so contributed before January 1, 2037, and requires the team to regularly report to the district all expenditures under this paragraph.
(f)Requires the professional baseball team, upon expiration of the lease or upon termination of the lease as a result of breach by the professional baseball team, to disclaim any interest in moneys of the baseball park facilities improvement segregated fund under s. 229.687 and, upon request of the district, convey and transfer to the district for consideration not to exceed $1 all of the professional baseball team’s right and title to the baseball park facilities, except for ancillary improvements constructed or developed by the professional baseball team after December 7, 2023, without financial contribution from the state or the district.
(2)Nonrelocation agreement. The district has entered into a nonrelocation agreement with the professional baseball team that, except as required by the league of professional baseball teams of which the team is a member, requires the professional baseball team to play all of its home games at the baseball park facilities and prohibits the professional baseball team from relocating until expiration or termination of the lease according to its terms.
(3)Third-party negotiator. The district has contracted with a 3rd party approved by a two-thirds vote of all current members appointed to the board and eligible to vote on the matter to represent the district in connection with negotiation of the lease and nonrelocation agreements under this section.