The Houston Sports Authority Board of Directors announced a 25-year extension of the Houston Astros' lease at Minute Maid Park Monday at its public board meeting.
Minute Maid Park has been home to the Astros since 2000, and the original lease was set to expire March 2030.
The announcement was made around 2 p.m. The vote approved an extension lease through 2050.
The Sports Authority's Board of Directors has worked very hard to be a good landlord to the team, as well as to protect the community's investment and ensure that the stadium remains state-of-the-art," said Sports Authority chairman J. Kent Freidman. "The venue has been a great addition to the downtown landscape for fans and players alike. The Sports Authority is proud to support our reigning world champions and this lease extension furthers the commitment to maintaining Minute Maid Park for many years to come."
Mayor Sylvester Turner and Harris County Judge Ed Emmet joined the meeting along with Astros owner Jim Crane.
"The Harris County -- Houston Sports Authority and the Houston Astros should be commended for their ability to get a complicated lease extension done in a manner that is equitable both to the Astros and to the citizens of our community," Turner said.
The lease extension details include a rent increase in the amount of $1 million beginning in 2018 through the remainder of the original lease in 2030, and another $1 million increase for the new lease extension. They said a majority of the funds will go toward maintenance and repairs of Minute Maid Park.
"The Astros look forward to furthering our investment in downtown Houston and calling Minute Maid Park our home through 2050," Crane said. " We appreciate the commitment of Harris County (and) Houston Sports Authority to keep the Astros in the heart of downtown and we remain committed to making the fan experience at Minute Maid Park first class."
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