UAB to pay $25K per game to lease new downtown stadium
BIRMINGHAM, Ala. (AP) — The University of Alabama at Birmingham has found a new home for its football program.
Al.com reports the UA System Board of Trustees on Friday approved an agreement between UAB and the Birmingham-Jefferson Civic Center Authority for the use of the stadium. Under the terms, UAB will lease the stadium for its practices and other football-related events, six to 10 home games and post-season game play for 20 years. Rent for the first 10 years will be $25,000 per regular season game, $15,000 for any post-season game and $10,000 for the UAB spring practice game.
After 10 years, the rental rate will be renegotiated.
Currently, UAB pays $15,000 a game to play at Legion Field, which is owned by the city of Birmingham.
Construction on the $174 million downtown stadium is projected to start by the end of the year and be open in 2021. The stadium is a part of a $300 million BJCC expansion project, which is being funded by the BJCC, Birmingham, Jefferson County, UAB and corporate partners and a 3-percent tax on car leases and rentals in Jefferson County
Approval of the project agreement between UAB and BJCC will allow the BJCC Authority to move forward with the financing of the project. The authority is expected to go to the bond market this month.
A complete lease agreement hasn’t been negotiated yet.
UAB and its corporate partners previously committed to a combined $4 million a year for 10 years through a lease agreement, sponsorship and naming rights. Friday’s approval from the UA System formalizes that agreement.