Cleveland Browns’ aspirations for a new domed stadium and mixed-use development in Brook Park are advancing as the Ohio Senate has unveiled a budget proposal allocating $600 million for the ambitious $3.4 billion project. This financing approach differs from the Ohio House plan by drawing from the state’s $3.7 billion in unclaimed funds instead of state-backed bonds.
Senator Jerry Cirino announced that the funds would be part of a “performance grant,” which the Browns would need to repay over 16 years using tax revenues generated by the project. This repayment would come through various taxes, including income, sales, and the commercial activity tax.
To mitigate risks associated with the state’s investment, the Haslam Sports Group, owners of the Browns, will deposit $50 million into an escrow fund. If the expected revenues do not materialize, these funds may be utilized. Should the situation require, the Browns are also prepared to provide an additional $50 million through a line of credit.
Ohio Senate President Rob McColley emphasized that the project is expected to yield a net profit for the state over its lifetime, stating, “We are going to get our money back.” He views this as a precedent for future projects.
The proposed domed stadium will cost an estimated $2.4 billion, while the accompanying mixed-use development is anticipated to be about $1 billion. The Haslam Sports Group and their development partners are planning to invest over $2 billion in private funding, seeking public support to cover the rest.
However, not everyone is in favor of the funding proposal. Cuyahoga County Executive Chris Ronayne has criticized the plan, calling it a “risky bet” and labeling the funding request as “piracy,” arguing that taxpayer money is being misappropriated. He believes the Browns should reconsider their plans and remain in downtown Cleveland, suggesting a renovation of the existing stadium instead.
Despite pushback from local officials, the Senate’s budget proposal marks an important step for the Browns’ future plans, creating significant development opportunities in the area. This project could revitalize Brook Park, boost job creation, and enhance local culture through an influx of visitors and increased tourism.
These developments underscore the ongoing negotiations and potential transformations within Ohio’s sports landscape, as hopes remain that a collaborative solution can be reached that meets both the community’s needs and the aspirations of the Browns.