The Cleveland Browns have unveiled a financing plan for their proposed $2.4 billion domed stadium in Brook Park, which would be partially funded by taxpayers. However, Cuyahoga County Executive Chris Ronayne has expressed doubts about the plan, warning that the team’s financial projections may be overly optimistic.
At the heart of the plan is a complex web of taxes and revenue streams that would be used to pay off the construction costs. The Browns are asking Cuyahoga County to borrow $600 million, which would be repaid through a combination of taxes and revenue generated by the stadium.
The plan relies on a 1% increase in the countywide bed tax, which the Browns estimate would generate $450 million over 30 years. However, Ronayne’s office estimates that the bed tax increase would generate only $250 million over 30 years.
The plan also includes a $6 rental car fee, which would raise about $100 million over 30 years. Additionally, the Browns propose increasing taxes in Brook Park, including a 3% increase in the city admissions tax, which would raise $1.2 billion.
The state of Ohio would also play a significant role in funding the stadium, with the Browns estimating that state tax revenue would amount to $2.9 billion over the 30-year lease.
However, critics argue that the plan is overly reliant on taxpayer funding and that the benefits of the stadium would largely accrue to the Haslam family rather than the broader community.
The Browns’ owner, Jimmy Haslam, has said that the team would be responsible for any cost overruns. The funding plan also includes a substantial cushion for long-term maintenance and renovations.
As the debate over the stadium proposal continues, one thing is clear: the fate of Cleveland’s future hangs in the balance. Will the city prioritize the interests of its billionaire team owners, or will it stand up for the needs and concerns of its citizens? Only time will tell.
