Home Entertainment City Council to Take Up Lease for American Magic Headquarters

City Council to Take Up Lease for American Magic Headquarters

Members of the Pensacola City Council had their first look at the Lease and Development Agreement between the American Magic Sailing Team (Bella Mente Quantum Racing Association) and the City on Tuesday, Feb. 20. It is scheduled to be voted on by the Council on Thursday evening, Feb. 22, at the City Council Regular Meeting.

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This is a 10-year lease at $291,200/year with an option to extend for another ten years. The City of Pensacola also agrees to offer in-kind sponsorship to the team totaling $300,000 a year for the first year and increases $25,000 a year each year of the lease.

A few other highlights contained within the 73-page document include:

  • If American Magic wins an America’s Cup during its lease with the city, American Magic Ownership agrees to host an international regatta or America’s Cup in Pensacola the following America’s Cup cycle.
  • They will host two international/national events per year on Pensacola Bay.
  • They will host a community open house at the site every year.
  • At least 120 jobs will be created when the team locates its headquarters in Pensacola.

The city is committed to completing the existing building at the Port of Pensacola prior to the required December 2025 date. Funding for this phase of the project has come from Triumph Gulf Coast and Governor Ron DeSantis’ Job Growth Grant Fund.

“This project and this relationship with American Magic has the ability to change our community forever,“ Mayor D.C. Reeves said. “We’re excited about our long-term partnership, to welcome the hundreds of staff and family members as Pensacolians, and for the chance to plant our flag as the preeminent sailing city in the United States.”

Additional information about a lease signing ceremony will be released later this week. You can view the document here.