Hamilton County approves term‑sheet framework to negotiate a new lease with the Cincinnati Bengals

Hamilton County commissioners on June 26 approved a resolution authorizing staff to negotiate a new lease framework with the Cincinnati Bengals and the club’s representatives. The action authorizes a letter‑of‑intent (LOI) and further negotiation toward a definitive lease; it does not itself create a final, binding stadium lease.

Key terms described by staff and outside advisers: county staff and outside advisers presented the principal financial and operational terms of a proposed new agreement. The administration said the framework would cap the county’s capital contribution to $350,000,000, with the Bengals committing $120,000,000 (expected to include NFL G5 program financing). The project cost was described as roughly $470,000,000 to be completed over about two to three years.

Payments and timing: county annual capital contributions would be $3,000,000 per year for the first three years and rise to $6,000,000 per year thereafter; amounts are indexed to CPI or 2.5%. Rent to the county would be $1,000,000 annually in years one through three, escalating to $2,000,000 annually thereafter, also indexed. Unspent capital amounts would be placed into a CapEx account and obligations would continue into extension periods.

Operational and revenue sharing: the team will manage project construction with county input and will be responsible for game‑day operating costs; the county would be responsible for non‑game day expenses. Non‑game‑day revenue splits described in the presentation allocate 93% to the team and 7% to the county, with a stadium review after year seven. An enhancement clause from the prior lease that could trigger additional county obligations has been removed from the proposed new agreement.

Term and extensions: the proposed new lease term presented is an 11‑year base with five two‑year extension options for the team; the first option becomes guaranteed if the team achieves a revenue ranking threshold (top‑24 ranking by NFL revenue metric). Administrators said the LOI would preserve an agreed framework so the parties could meet the current deadline for extension notices on the existing lease and negotiate definitive documents.

Community benefits and local control: commissioners and counsel discussed a community benefits agreement with provisions for local hiring, inclusion and prevailing‑wage considerations; staff also said urban‑design recommendations for Banks development will be followed with the team and that the team’s ability to restrict nearby development will be reduced under the new agreement.

Process and next steps: county counsel and outside counsel said the resolution authorizes the county to enter into a formal LOI and complete the definitive lease documents. County officials said the LOI is an interim commitment so the Bengals will agree to proceed; final lease documents and any county borrowings would follow separate approvals, public notices and the normal legal process.

Board vote and dissent: the commission voted to authorize negotiation of the new lease framework. Commissioners Denise Dreehaus and Stephanie Summer O'Dumas voted yes; Commissioner Alicia Reese recorded an abstention and voiced concerns about process transparency and the timing of press disclosures prior to finalized lease language. Reese also argued the LOI and memo are not legally binding and insisted on seeing final lease text before supporting a final agreement. She said, “I will not be no rubber stamp,” and declined to join the two‑member majority vote.

Ending: the county has authorized staff to finalize a mutually signed LOI and proceed with drafting definitive lease documents under the agreed framework. The LOI and final lease will be presented for future board actions, public review and any required financing approvals.