Hamilton County leaders and the Cincinnati Bengals have officially finalized the terms of a new lease agreement that will keep the team playing at Paycor Stadium through at least 2036.The announcement was made on Friday ahead of a Hamilton County commissioners’ meeting to discuss the agreement. The lease was approved by a vote of 2-1.The previous deadline for the agreement to be finalized was June 30 but officials on both sides agreed to proceed with a new deadline of Aug. 1 as officials put the finishing touches on the new deal.In June, a letter of intent and framework of a deal was agreed to by the team and county. That included the county investing $350 million into stadium renovations and the team chipping in $120 million, along with paying millions in rent.The proposal approved Thursday – ahead of a Friday deadline – differs somewhat from what the team came up with. Ahead of Friday’s meeting, a revised lease agreement was approved.“We love Cincinnati and are proud to call this town home. The Bengals sincerely thank the community, and we look forward to successful and exciting football seasons ahead,” Bengals executive vice president Katie Blackburn said in a statement.According to the terms agreed to earlier this year, the new lease term will last at least 10 years. At the end of the new agreement, the Bengals will “be afforded five 2-year extensions.” The team’s first option to extend will be automatic if the Bengals reach a ranking of 24th or better in terms of total NFL revenue. Hamilton County prosecutor Connie Pillich released a statement to WLWT after the lease was approved, saying “This outcome is the result of tireless collaboration from Hamilton County officials, our assistant prosecutors, our external legal team at Dinsmore, David Abrams with Inner Circle, and the Bengals’ willingness to engage, even in difficult conversations. I’m deeply grateful to everyone involved. The Bengals are woven into the fabric of Hamilton County, and this agreement ensures they’ll remain a vital part of our community’s future. It’s a victory for all of us.”WLWT is digging into the full agreement to see what changes have been made to the current lease that took effect in the late 1990s.County Commissioner Alicia Reece is introducing legislation to place the proposed lease on the ballot and criticized parts of the agreement in a statement on Friday.“It has been almost 30 years since the citizens and taxpayers of Hamilton County went to the polls to vote on this issue, during which homeowners were promised a 30% property tax rollback. For something of this magnitude, it is important for the taxpayers of Hamilton County to have a say in a deal totaling $350 million—plus interest—that places the financial burden on them. This deal would eliminate the possibility of fulfilling the 30% property tax promise and provides no direct benefits to local taxpayers.

CINCINNATI —

Hamilton County leaders and the Cincinnati Bengals have officially finalized the terms of a new lease agreement that will keep the team playing at Paycor Stadium through at least 2036.

The announcement was made on Friday ahead of a Hamilton County commissioners’ meeting to discuss the agreement. The lease was approved by a vote of 2-1.

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The previous deadline for the agreement to be finalized was June 30 but officials on both sides agreed to proceed with a new deadline of Aug. 1 as officials put the finishing touches on the new deal.

In June, a letter of intent and framework of a deal was agreed to by the team and county. That included the county investing $350 million into stadium renovations and the team chipping in $120 million, along with paying millions in rent.

The proposal approved Thursday – ahead of a Friday deadline – differs somewhat from what the team came up with. Ahead of Friday’s meeting, a revised lease agreement was approved.

“We love Cincinnati and are proud to call this town home. The Bengals sincerely thank the community, and we look forward to successful and exciting football seasons ahead,” Bengals executive vice president Katie Blackburn said in a statement.

According to the terms agreed to earlier this year, the new lease term will last at least 10 years. At the end of the new agreement, the Bengals will “be afforded five 2-year extensions.” The team’s first option to extend will be automatic if the Bengals reach a ranking of 24th or better in terms of total NFL revenue.

Hamilton County prosecutor Connie Pillich released a statement to WLWT after the lease was approved, saying “This outcome is the result of tireless collaboration from Hamilton County officials, our assistant prosecutors, our external legal team at Dinsmore, David Abrams with Inner Circle, and the Bengals’ willingness to engage, even in difficult conversations. I’m deeply grateful to everyone involved. The Bengals are woven into the fabric of Hamilton County, and this agreement ensures they’ll remain a vital part of our community’s future. It’s a victory for all of us.”

WLWT is digging into the full agreement to see what changes have been made to the current lease that took effect in the late 1990s.

County Commissioner Alicia Reece is introducing legislation to place the proposed lease on the ballot and criticized parts of the agreement in a statement on Friday.

“It has been almost 30 years since the citizens and taxpayers of Hamilton County went to the polls to vote on this issue, during which homeowners were promised a 30% property tax rollback. For something of this magnitude, it is important for the taxpayers of Hamilton County to have a say in a deal totaling $350 million—plus interest—that places the financial burden on them. This deal would eliminate the possibility of fulfilling the 30% property tax promise and provides no direct benefits to local taxpayers.