After nearly four years of negotiations, Bethune-Cookman University and The City of Daytona Beach have reached a 20-year stadium leasing agreement that is being lauded and as “a strong business deal” by both university officials and city leaders.
The 20-year contract requires Bethune-Cookman to pay $83,684 annually in year one ($60,000 annual base rent plus $23,684 in annual capital contribution fees) and would gradually climb to $128,894 in annual cost by the end of the lease cycle.
In exchange, BCU will keep 80 percent of parking revenue, 25 percent of net concession revenue, 75 percent of net banner advertising revenue, 50 percent of net advertising revenue from a new Jumbotron scoreboard and 50 percent of stadium naming rights revenue. Any naming rights proposals will need City Commission approval.
The City of Daytona Beach will be responsible for all cleaning and maintenance and will pay for new field lighting and a Jumbotron expected to be installed by the end of this year. The city and Bethune-Cookman will both seek grants to help cover costs for upgrades and repairs on the 26-year-old facility.
The agreement, which extends through New Years Eve 2034, allows Bethune-Cookman to use the field for all of its home football games (including playoff games), three spring scrimmages, three preseason scrimmages, 12 preseason and in-season practices and up to six open-use dates for things such as youth camps.