Release: Dynamo, HCHSA reach agreement

Major piece of stadium deal completed Thursday

The
Houston Dynamo and the Harris County-Houston Sports Authority have agreed on a
30-year lease to develop, construct, operate, and manage a new downtown soccer
stadium, it was announced today.

HCHSA
chairman Kenny Friedman made the announcement at the southeast corner of the
stadium site Thursday afternoon, joined by Dynamo president Chris Canetti and
several other dignitaries.

“The
Dynamo stadium will help revitalize the East End,
creating jobs and business opportunity without issuing bonds or incurring any
public debt,” Friedman said. “This agreement will bring a world-class facility
to our community without burdening taxpayers.”

Under
this agreement, the city and county will contribute the land for the stadium,
while the Dynamo will pay for the construction and maintenance. The Harris
County-Houston Sports Authority will act as the landlord and provide its
substantial expertise in overseeing the long-term legal and contractual
obligations for the facility.

The
new stadium will also be the home for the Texas Southern University football
team, as well as a new state-of-the-art outdoor entertainment venue for all of Harris County.

Friedman
also outlined the next steps of the process, saying, “We recommend that both
the Houston City Council and Harris
County Commissioners Court approve this agreement.
Fans want to see the Dynamo and the Tigers in their new home for their 2012
season openers.”

ABOUT THE HARRIS COUNTY-HOUSTON SPORTS
AUTHORITY
The Harris County-Houston
Sports Authority is a political subdivision of the city, the county,
and the state of Texas,
created for the purposes set forth in the Concurrent Order and the Act,
including planning, acquiring, establishing, developing, constructing or
renovating of one or more sports and community venue projects and related infrastructure.  

ABOUT THE HOUSTON DYNAMO
The Houston Dynamo are a
Major League Soccer club that has won two MLS Cup championships in its first five
seasons and represented the United States in international competition four
consecutive years from 2007-10. For more information, log on to www.HoustonDynamo.com
or call (713) 276-7500.