ANAHEIM -- Tuesday's agreement by the Anaheim City Council to allow the Angels to opt out of their stadium lease as late as 2019, rather than '16, gave both sides additional time to negotiate a complex deal -- one that would drop the "of Anaheim" moniker from the team's name, give owner Arte Moreno developmental rights to the parking lots around the ballpark and extend the team's lease in the city for another four decades.
Angels president John Carpino is confident the two sides can come to an agreement relatively quickly.
"I do," Carpino said prior to Wednesday's game. "I think both sides are confident that a deal can be reached. And when both sides are confident a deal can be reached, deals get made quickly."
With the possibility of the Angels leaving Anaheim, the City Council voted, 4-1 -- Mayor Tom Tait the only one opposed -- to enter formal lease negotiations with the team and extend the Angel Stadium opt-out three years.
The Angels' current lease expires in 2029. Under the proposed deal, as multiple local reports have outlined, the Angels' lease would be extended through at least '36, and possibly as late as '57. In exchange, owner Arte Moreno would be allowed to rent land surrounding the city-owned stadium for $1 per year for at least 66 years.
Carpino said the Angels have invested about $20 million in stadium renovations since Moreno bought the team in 2003. But to stay at Angel Stadium, which opened in 1966 and is the fourth-oldest ballpark in baseball, the Angels would have to make $130 to $150 million in capital investments over the next 20 years under the new deal.
Building a new ballpark, perhaps in the adjacent parking lot, could cost up to $700 million.
"We're pleased with City Council's actions last night, and we feel it is a step in the right direction toward a framework of a deal," Carpino said. "We're hopeful that both parties can come to an agreement and that we are able to give our fans a high-quality experience for many years to come, along with being involved in the Anaheim community."
Alden Gonzalez is a reporter for MLB.com. Read his blog, Gonzo and "The Show", and follow him on Twitter @Alden_Gonzalez. This story was not subject to the approval of Major League Baseball or its clubs.