Colorado Rockies agreed to a $200 million, 30-year lease to keep Coors Field as their home field.

Coors Field will remain the Rockies' home for the next 30 years after they struck a $200 million deal with the Metropolitan Baseball Stadium District – the state division that owns Coors Field. As part of the deal, the Rockies will be allowed to lease and develop an area of land directly next to the stadium, while paying the district $125 million. The good news is that the majority of the money will be used to pay for the development of the land and won't have to come out of the taxpayer's pocket. The MLB approved the deal on Wednesday; Coors Field is the third-oldest stadium in the National League – Wrigley Field in Chicago and Dodger Stadium in Los Angeles being the other two – and will remain the Rockies' home through 2047. The Rockies had a 22-year lease with the district prior to the new deal. If there had not been an agreement between both sides, then the lease would have rolled over for five more years, however, the Rockies had indicated previously that they were not interested in that extension opportunity. This new deal could not have come at a better time!

We are proud that Coors Field will continue to be a vital part of a vibrant city, drawing fans from near and far and making our Colorado residents proud." -Dick Monfort, Rockies owner

With this agreement, the Rockies will pay about $2.5 million a year in rent, in addition to the lease on the land to bring the total to $200 million over the entirety of the deal. Previously, their lease cost about $100,000 per year in rent plus $900,000 in annual capital costs. The piece of land purchased by Rockies is currently a parking lot that sits between Jackson's sports bar, Fado Irish Pub and the ChopHouse steak restaurant. They had previously zoned the area for an eight-story building that included retail, office and residential spaces. That zoning hasn't changed and remains in place. No matter what happens, the 291 parking spots will be built underground so no parking will be lost with the new developments. What do you guys think? Are you happy about the Rockies' deal and that they're staying at Coors Field? Sound off in the comments below! Featured photo courtesy of Colorado Rockies MLB website.

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