Browns float funding plan for domed stadium complex

Team continues to work to find the right mix of funding for proposed $2.4B project.

The Cleveland Browns’ slow commute from downtown Cleveland to the suburb of Brook Park moved forward on Thursday as the team announced its proposal for funding the estimated $2.4 billion project, which includes a domed stadium and mixed-use development.

Haslam Sports Group would like to break that down with:

$1.2 billion in private funding that would also cover any cost overruns
$422 million from Brook Park, which would come from financed bonds
$178 million from Cuyahoga County, which would come from county-issued bonds that would be paid back by revenues from the site, and two potential new sources - raising the current bed tax on hotels from 6.5 percent to 7.5 percent, and a $6 surcharge on rental cars, both of which would presumably hit the wallets of visitors rather than residents.
$600 million from the state of Ohio, which would be paid back with tax revenue “primarily generated” by the project.

The potential to have people from outside Cuyahoga County contribute to the project is a selling point, team owner Jimmy Haslam told clevelandbrowns.com:

“I think what is attractive to us is the vast majority of those monies, bed taxes and rental car fees, are going to be paid by people who do not live in Cuyahoga County. It would be unfair to say all of them, but the vast majority would be paid by people who do not live in the county.”

So far there has been no word from officials in Brook Park, Cleveland, or Cuyahoga County about the latest proposal. Cuyahoga County Executive Chris Ronayne, among others, has been adamant throughout the process that the Browns should stay downtown.

As to the $600 million from the state, earlier this week Ohio Governor Mike DeWine said he is not keen on the idea of issuing bonds for the state’s portion of the project. Instead, he proposed doubling the existing state tax on sports gambling companies to raise money and use that cash, which doesn’t carry interest costs, to create a fund to help pay for sports facilities and youth sports.

That plan has not gone over very well so far with state legislators, however, as well as officials from the sports gambling companies.

The Browns have been working toward building the domed stadium and surrounding entertainment complex to be ready when their current lease at the downtown stadium expires at the end of 2028.

There has been a lot of activity over the past few months surrounding the stadium, so let’s get you caught up on everything:

Browns float funding plan for domed stadium complex

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