The City of San Jose has struck a proposed lease agreement with the San Jose Sharks to modernize the city-owned SAP Center and keep the professional hockey team there through the 2050-51 season.
Sharks owner Hasso Plattner said he will invest at least 100 million dollars to update the city-owned arena nicknamed "The Shark Tank."
The website Silicon Valley.com reports city didn't disclose how much it would commit. The San Jose City Council will vote on the deal on Aug. 26.
Under the proposal, Sharks President Jonathan Becher said, the city would agree to "tackle years of deferred infrastructure maintenance in the arena."
City Manager Jennifer Maguire hailed the proposed amended lease agreement as a "revitalized partnership between the City of San Jose and the Sharks Sports & Entertainment.”
She added that the city’s stewardship of the SAP Center “has kept it an economic catalyst for San Jose, filling hotel rooms, driving patrons to downtown restaurants and boosting local businesses."
