Fate of Giants, New Stadium in Hands of S.F. Voters
The San Francisco Giants and city leaders came to terms Thursday on a proposed new downtown stadium, but voters, who rejected a similar plan two years ago, will again have the final say.
Bob Lurie, who bought the Giants in 1976 to block their planned move to Toronto, announced that the team has signed a memorandum of understanding with Mayor Art Agnos and Spectacor Management Group, a Philadelphia firm contracted to build the new $115-million stadium at Second and King streets.
The memo states that the Giants will agree to a 30-year lease, starting with the 1995 baseball season or earlier, should the facility be ready before that. The Giants will pay the city between $6 million and $7 million a year in lease payments, Lurie said.
The San Francisco electorate, which has rejected other proposals by the Giants, will vote on the stadium in November.
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