Ohio House budget includes $600 million in bonds for proposed Cleveland Browns domed stadium in Brook Park
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Ohio House GOP leaders backed $600M in bonds for the Browns’ proposed $3.4B Brook Park stadium and mixed-use development. The budget must be approved by the Senate.

COLUMBUS, Ohio — The Haslam Sports Group’s (HSG) plan for a new Cleveland Browns domed stadium in Brook Park cleared a key hurdle in Columbus on Tuesday. 

GOP leaders of the Ohio House rolled out their proposed budget, which calls for $600 million in state-backed bonds to go towards the stadium project. The budget does not include any tax increases that were proposed by Gov. Mike DeWine, including his plan to double the sports gaming tax in Ohio to 40% to help pay for facilities.

Last month, the Browns shared details of their plan to finance the $3.4 billion economic development project near Cleveland Hopkins International Airport, which features a $2.4 billion domed stadium along with a mixed-use development.

HSG, along with their development partners, have committed to invest more than $2 billion in private capital. The state of Ohio would be asked to issue $600 million in bonds that would be paid back by tax revenues, while the city of Brook Park and Cuyahoga County would be asked for an additional $600 million in bonds to be covered by an increased admissions tax, parking tax, bed tax and rental car surcharge.

Earlier this month, HSG told lawmakers that the Browns would provide “up-front” cash of $38 million to help alleviate any concerns about issuing $600 million in bonds. Per Jeremy Pelzer of 3News media partner Cleveland.com, those escrow funds would be tapped if revenue from the stadium project and surrounding development doesn’t cover the bond costs. That amount would grow through interest to nearly $150 million by 2054, according to the Browns’ estimates.

“These are huge economic drivers. We’re going to have multiple Super Bowls played in the stadium,” said Ohio House Finance Chair Brian Stewart (R-Ashville). “Hopefully an Ohio team is playing in one of them, we’ll see. We’re going to have the national championships, this is going to be a destination center. I really do think, when the ribbon is cut here, and people walk through the door, I think people are going to be happy this is in Ohio.”

Cuyahoga County Executive Chris Ronayne is against the HSG domed stadium plan, calling it “a risky bet.” He reiterated those sentiments on Monday.

“Cuyahoga County Executive Chris Ronayne has been consistent in his support of a downtown location for Browns Stadium,” Ronayne’s office said in a statement. “The proposal to build a new stadium in Brook Park does not make fiscal sense for Cuyahoga County residents and taxpayers.”

Despite Ronayne’s disapproval, Browns co-owner Jimmy Haslam told reporters on Monday at the NFL Annual Meeting that the project can move forward even if Cuyahoga County is not on board.

“Remember the city is not funding anything, the city of Cleveland,” Haslam said per Cleveland.com’s Mary Kay Cabot. “And so that would leave the county and there’s ways for us to do it without county support. I will tell you this, it’s much better for not just the Cleveland Browns and Haslam Sports, but for the community if the county will support us.”

The budget will be reviewed again by the Ohio House before it heads to the Senate. 

Haslam said on Monday that should lawmakers approve the budget by June 30, the plan is to have shovels in the ground to begin construction in Brook Park in the first quarter of next year.

If not, he said the Browns would move to “Plan B,” which would be renovating the existing Huntington Bank Field in downtown Cleveland.

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