San Jose Giants
Municipal Stadium Lease and Renovation Agreement
March 4, 2025
Item 8.1
Nanci Klein, Director
Office of Economic Development and Cultural Affairs
Kevin Ice, Director of Real Estate
Office of Economic Development and Cultural Affairs
Ba c kground – Excite Ballpark
• San Jose M unicipal Stadium ("Ex cite Ballpark") opened in 1942. • Home to the San Jose Giants since 1988.
• Gi ants’ current lease runs unti l December 31, 2027. • Ex cite Ballpark is not compliant with M ajor L eague Baseball’ s current Professional Dev elopment L eague standards.
• Giants must perform improv ements at an estimated cost of $20,000,000 or relocate. • Planned improvements enhance the experience and safety of both players and fans:
• New 17,900 sq ft clubhouse building (offices, showers, training rooms). • Netting and shade structures to protect fans and the adjacent Fire T raining Center . • Regrading and remodeling of the playing field and dugouts. • New anci llary batti ng cages.
• W eatherproofing the stadium bowl.
Excite Ballpark
K ey T erms of L ease R estatement
• E x tends term unti l December 31, 2050.
• A llow Giants to perform roughly $20,000,000 in stadium improvements. • Subj ect to ty pi cal Ci ty permi tti ng processes, CE QA , and prev ai li ng wages. • City to reimburse $5,000,000 to the renovation of the playing field and dugouts. • Seven annual payments of $714,285, starting in Fiscal Y ear 2027/2028. • Giants retain responsibility for all maintenance, repairs, and M L B requirements. • City responsible for the structural elements of the stadi um bowl. • Giants pay an increased rent of $40,000 annually into stadium’ s maintenance fund. • Giants keep all revenue from naming rights and video board rental. • Roughly $3,000,000 over term of the lease; currently going into the stadium’ s maintenance fund. • Gi ants to recei v e rev enue from futuretelecommuni cati ons lease at E x ci te B allpark. • E x pected to av erage$45,000 a year.
R ecommendations
1. A uthorize the City M anager to negotiate and ex ecute an amended and restated use, operati on, and management agreement between the Ci ty of San José and DBH San Jose, L L C, for the San Jose M unicipal Stadium ("Excite Ballpark"), for a term of 25 years, at a rent of $40,000 per year.
2. A llow for capital improvements to Ex cite Ballpark funded by DBH San Jose, L L C, subj ect to Ci ty rev i ew as a property owner and regulatory permi tti ng authority , as required to bring the stadium into compliance with M ajor L eague B aseball’ s Prof essi onal Dev elopment L eague standards.
3. A uthorize the reimbursement by the City to DBH San Jose, L L C for expenses incurred to renovate the playing field, and dugouts, totaling $5,000,000 to be paid annually as $714,285 for seven years from Fiscal Y ear 2027- 2028 through Fiscal Y ear 2033-2034.
4. A pprove the assignment of all stadium naming rights and collection of associated income to DBH San Jose, L L C for the duration of the lease.
Thank you!
Staff are available for questions.
Contact Information:
Nanci Klein – [email protected]
Kevin Ice – [email protected]