The plan announced by Cleveland Mayor Justin Bibb comes as the Browns are considering relocating to Brook Park to play in a multi-billion domed stadium.
CLEVELAND — As Cleveland Browns owners Jimmy and Dee Haslam continue to investigate their options for a future stadium, the city has released a comprehensive financing plan to renovate the existing facility on the lakefront.
In what the city calls “a competitive deal to retain the Cleveland Browns at their current stadium site,” Cleveland Mayor Justin Bibb has put forth a $461 million proposal to the Haslams that includes a 30-year lease arrangement.
“We are implementing a bold vision for lakefront development, and the Browns have been an essential fixture on our lakefront for decades. But our first priority is always our residents,” Bibb said in a statement. “Having the Browns play here is integral to our city’s identity and community spirit. This initiative must go beyond the Browns and be about what’s best for downtown, the neighborhoods, the suburbs, and the region.”
Here are the terms of the city of Cleveland’s proposal:
- $367 million ($227 million from increases in admission tax revenues, $120 million from Cuyahoga County sin tax revenues, and $20 million in existing stadium capital reserves) over the 30-year lease term, with a five-year renewal option
- The city will turn the Willard Garage and the Muni Lot over to the Browns for their exclusive use on game days and event days. Parking revenues are expected to generate $94 million for capital repairs and improvements.
- Under the current lease, the city covers $1.3 million in annual property taxes and insurance, while the Browns pay $250,000 in rent. Under the proposed new lease, rent will be waived for the Browns, but they will assume responsibility for the insurance and tax payments. This adjustment aligns with the lease agreements held by the Guardians and Cavs, making it consistent across sports franchises in Cleveland.
Bibb says the $461 million investment by the city would not impact its services and does not include “pending County and State commitment.”
You can read a summary of the city’s proposal to the Browns for a 30-year lease below:
With the lease on Cleveland Browns Stadium set to expire in 2028, the Haslams announced earlier this year that they are down to two options when it comes to their future stadium site: a $1 billion dollar renovation to the existing downtown stadium, or a domed stadium outside of the city at double the cost.
The Haslams said they have an option to purchase 176 acres of land in Brook Park near Cleveland Hopkins International Airport. Brook Park City Council has already given its support to a proposed domed stadium, believing the land, once the property of Ford, can also become a “mixed-use entertainment district, potentially attracting visitors from across the region and the nation.”
Last weekend, the Haslams gave an update on the progress of the stadium discussions during Browns training camp in West Virginia.
“This is a big project,” Jimmy Haslam told reporters. “No matter which direction we go, it’s complicated. Any time you have a public-private partnership, it’s not easy. We’re continuing to work through the process.
“We hope sooner rather than later we’ll have a solution. But I can assure you, we were on the phone for an hour this morning talking about various things that have to be solved and one solution or the other. We’ll continue to do so until we get to what we think is the right answer. The right answer is what is best for our fans. These are long, long-term decisions.”
In a letter to the Haslams, Bibb said his administration has “worked earnestly” with the Browns owners to “support their vision for a world-class home.” He requested that the Haslams provide a response to the city’s proposal by August 12.
“The Browns’ presence at its current site is crucial to many downtown businesses and jobs,” Bibb wrote in the letter. “The Browns leaving Cleveland would be detrimental to businesses within Cleveland and throughout Cuyahoga County, and the magnitude of the project would cost taxpayers hundreds of millions of dollars more when our region has so many other critical needs. A strong Cleveland is a strong Northeast Ohio.”
You can read the letter from Bibb to the Haslams below