The Stadium Land Lease
Every Anaheim resident owns an equal share in the land surrounding Angels Stadium. The 155-acre property lies in the heart of Orange County, a burgeoning metropolitan area. It is situated at the intersection of three freeways and is adjacent to the Anaheim Regional Transportation Intermodal Center, known as ARTIC, a principle transportation hub opening in 2014. The surrounding area is dominated by major attractions, including: Disneyland, California Adventure, the Anaheim Convention Center and the Honda Center. Such a disposition makes the property, with or without the Stadium, prime real estate and a major potential source of revenue for the city.
Currently, the land is leased to Arte Moreno, owner of the Los Angeles Angels of Anaheim. The lease limits Moreno to the use of the stadium and parking lot until 2029, with an opt-out clause held by Moreno until 2016. Moreno must maintain the stadium in top-notch condition, an obligation amounting to an estimated $130 – $150 million over the next twenty years. Moreno has no plans to move the Angels and it is highly unlikely that he will before the opt-out option terminates in 2016. Continue reading