Iowa Cubs owner to extend $16K lease for Des Moines' Principal Park - Axios Des MoinesLog InLog InAxios Des Moines is an Axios company.

Iowa Cubs owner to extend $16K lease for Des Moines' Principal Park

is a sculpture at Principal Park and the answer to this week's question. Axios DSM reader Jason Kohles of Johnston won yesterday's contest. Photo: Jason Clayworth/Axios Principal Park's $16,000 annual lease to Iowa Cubs owner Diamond Baseball Holdings (DBH) will be extended under that goes before the Des Moines City Council Monday.It's the equivalent of about $1.40 a seat for the 11,500-capacity city-owned stadium, team clubhouse, parking lots and surrounding grounds. The new lease will run until 2032. Yes, and: The city council is also set to approve spending nearly $8 million on the first of a to upgrade the park. Phase 1 includes clubhouse improvements and mechanical upgrades.That's more than $2 million above .DBH, which took ownership of the Cubs , will also make a nearly $1.3 million contribution towards the first phase. Why it matters: The extension comes at a time when millions of dollars in improvements are necessary for the park to remain in compliance with new Minor League Baseball (MiLB) . Catch up fast: Principal Park opened in 1992 and is among Triple-A stadiums in the nation.City leaders have long viewed the facility as an amenity to help generate business and tourism.The lease amount has not changed since the park opened in 1992. Reality check: Annual lease payments to DSM traditionally represent only a fraction of the investment made by owners, Michael Gartner — the Cubs' previous owner of more than 20 years — told Axios Thursday.He estimates the team made an annual average of $500,000 in facility improvements that were outside of the lease requirements when he was owner.DBH's contribution required under the proposed lease is just the beginning of the group's longer-term investments, Sam Bernabe, the team's general manager, told Axios Thursday. What's next: The costs, timelines and scope of later phases will largely depend on city budget decisions and fundraising, Bernabe said.A parking garage, shopping or restaurants are ideas in the park's master plan. Get more local stories in your inbox with .Subscribe Support local journalism by becoming a member.

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