In the coming weeks, the owners of the Cleveland Browns will reveal their plans to build a $3.6 billion domed stadium and associated development in the Cleveland suburb of Brook Park. According to public sector sources familiar with the plans, owners Jimmy and Dee Haslam have their capital funding identified for the stadium and a small first phase of development.

Cost of the new domed stadium and the provision of about 20,000 parking spaces, almost entirely in surface lots, is estimated at $2.2 billion. Half of that will be privately funded and create new tax revenues that will fund the other half. Much of the funding for the stadium will come from bonds serviced by new stadium-related revenues and city, county and state taxes generated by stadium activities and employment. Another $1.4 billion in private, stadium-area development is planned.

The Haslams have reportedly identified their bond financing firm, a company with lots of experience in financing sports stadiums, arenas and entertainment venues. And they have hired their joint-venture construction management team for the Brook Park site — M.A. Mortenson Co. of Minneapolis and Independence Construction of Independence, soon to be relocated to Brecksville.

The Haslams have a purchase agreement to acquire 176 acres of land at 18300 Snow Rd., site of two former Ford auto plants. NEOtrans broke the story in February about the purchase agreement and was first to publish a rendering of the proposed domed stadium. We also reported two years ago that the Haslams wanted a new stadium for the Browns. Why do they want one |
https://neo-trans.blog/2024/08/06/its...


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