The state and Erie County’s costs are expected to total $226 million as part of a 10-year lease to keep the Buffalo Bills in western New York, Gannett’s Albany Bureau has learned.
The total cost is $271 million over the decade-long agreement, with the Bills picking up a total of $44 million in stadium renovations and
capital costs rent, according to state officials. State officials expect the state’s contribution will total $123 million when factoring in annual payments, while Erie County will pitch in with a total of $103 million before the agreement is through.
Of the state and counties’ shares, $95 million will go toward stadium renovations, with the state picking up $54 million and the county paying $41 million.
The final lease documents are still being finalized and are subject to NFL approval. Gov. Andrew Cuomo and Buffalo Bills officials signed a memorandum of understanding containing the lease terms today. The final lease document is expected to include a payment schedule laying out the total costs.
The Bills did not pay any renovation or rent in the current lease, which was agreed to under then-Gov. George Pataki in 1998 and expires July 31.
The state and county’s capital costs and game-day expenses in the new agreement are the same as the current lease, adjusted for inflation, according to the deal.
UPDATE: Here’s a copy of the MOU: