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Ohio Senate Proposes $600M Loan Using Unclaimed Funds for Cleveland Browns Brook Park Domed Stadium Project
- On Tuesday, the Ohio Senate proposed a $600 million initiative to finance the construction of a new domed stadium for the Cleveland Browns located in the Brook Park area, utilizing unclaimed state funds.
- The plan borrows from Ohio's $4.8 billion unclaimed funds pool, money held from dormant accounts and unclaimed claims, to avoid bond issuance and interest costs.
- The $600 million grant will be paid via cash grants over 16 years, repaid from tax revenues generated by the multibillion-dollar Brook Park stadium and mixed-use development.
- Senate Finance Chair Jerry Cirino called the plan “very creative” and said it requires Haslam Sports to escrow $100 million as a safeguard if tax receipts fall short.
- The budget faces hurdles including Governor DeWine’s opposition and pending House approval, making the plan’s final enactment uncertain before the June 30 deadline.
21 Articles
21 Articles
The Athens Messenger
Economist: New Browns stadium funding plan 'willful ignorance'
(The Center Square) – Ohio’s Senate Republicans are proposing to take $600 million from the Ohio Unclaimed Funds Program and pay the funds back using a tax capture at the site of a new Cleveland Browns stadium in Brook Park.
Cuyahoga County exec. addresses Senate's budget plan for Browns dome
CLEVELAND (WJW) - Cuyahoga County executive Chris Ronayne spoke out after state Senate leaders introduced a new proposal to assist the Cleveland Browns in getting $600 million in state funding to build a dome in Brook Park. "When we look at what's being proposed by our state Senate, we see a proposed budget that will benefit billionaires to the expense of everyday working residents of Ohio and this county of Cuyahoga," Ronayne said. The FOX 8 I-…
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