Keyworth Lease Agreement: The Highlights

Amidst all the legalese and due-dilligence of the Keyworth lease agreement between Hamtramck Public Schools (HPS) and DCFC, there were several nuggets that caught my interest.

Source: Pages 27-35 of the DCFC Offering Memorandum.

(1) The lease is for 10 years at the cost of $1. If City decides to move to a different venue before the lease is up, it will cost them next to nothing.

(2) The installation of a natural grass field and irrigation system is not included in the list of projects for Phase 1 (the phase that is to be completed by Spring 2016). HPS and DCFC agree to negotiate in good faith to that end during the term of the lease. Translation: No grass in 2016, wait till next year.

(3) As long as the proper licenses are obtained, City will be allowed to sell alcohol on stadium premises.

(4) DCFC may sell naming rights to parts of the stadium, but Keyworth Stadium’s name itself cannot be touched.

(5) Smokebombs are allowed.

(6) In keeping with DCFC’s record of community involvement, this clause is included:

23. Community Service Opportunities. DCFC understands that HPS students may seek to fulfill community service obligations by volunteering at DCFC Events. DCFC commits to use its best efforts to reasonably accommodate requests by HPS students to fulfill their community service obligations at or after DCFC Events.

A nice touch and one more way to spread a little goodwill to the residents of Hamtramck.

(7) This made me smile:

27. DCFC Event Not a Nuisance. HPS represents and agrees that it understands that DCFC Events shall be principally for minor league soccer games. HPS represents and agrees that it is aware that DCFC Events attract thousands of fans. HPS represents and agrees that the lawful and Lease compliant conduct of fans at DCFC Events, and of DCFC Events themselves, are not nuisances.

#NotANuisance

(8) On a related note, there was some talk of banning foul language from the stadium when the lease was first announced. After reading through this agreement, however, I found nothing addressing the subject. Game on.

Finally, one important section that shouldn’t be overlooked:

g. This lease is contingent upon the improvements being completed by the dates specified and if they are not, at the option of HPS, this lease may be immediately terminated without recourse to DCFC or kept in force provided a new deadline acceptable to HPS is established.

If the proposed improvements in Phase 1 are not completed by this spring, HPS has the option to terminate the lease. If you needed any more motivation to contribute to the community investment initiative, there it is. As of this writing (11/8/15), here is where the funding stands:

If the current rate of investment continues – $4975 per day – the $400k mark should be reached in the first week of January. We’re on pace so far, but there is a long way to go.

To learn more and/or make a contribution, CLICK HERE to visit the funding site.