CLEVELAND, Ohio (92.3 The Fan) – The Browns plans to build in Brook Park got a boost Tuesday from lawmakers in Columbus, Ohio.
Republican leaders of the Ohio House announced their proposed state budget and within it is a provision for $600 million in bonds to be issued for the Browns proposed $3.4 billion indoor stadium and mixed-use development in Brook Park.
The republican budget proposal scrapped a plan presented in Governor Mike DeWine’s budget proposal to double the tax on sports gaming companies from 20% to 40% with the new money going to a new fund to help pay for stadium construction projects statewide.
DeWine’s proposal would have allowed the Browns to request up to 40% of construction costs for their stadium project as well as mixed use developments next to it in Brook Park and their training facility in Berea. In total, the Browns would have been able to apply for $1.4 billion from the state for the dome and two development projects.
The $600 million in bonds proposed by republican leadership meets the Browns ask from the state. The Haslam Sports Group is also seeking $422 million from Brook Park and $178 million from the county.
Representatives from the Haslam Sports Group told lawmakers last month the team was willing to place $38 million in an escrow account to cover any shortfalls in tax revenue for bond repayment. The fund could grow to close to $150 million through interest by 2054 according to team officials.
County executive Chris Ronayne has pledged no county support and staunchly opposes the Brook Park project. At the NFL’s owners meeting in Palm Beach, Florida, owners Jimmy and Dee Haslam said they can move forward without county participation.
The Browns claim that tax revenues generated at the new Brook Park complex will pay for the $1.2 billion in public bonds while also generating an additional $1.3 billion for the state and $2.1 billion for Brook Park and the county over 30 years.
Once the budget passes the house, which is expected within a week or so, it will head to the senate for debate and passage. It remains to be seen if the $600 million bonds for the Browns survives.
The budgetary process is expected to be concluded by June 30, which will inform the Browns if they will move forward with Brook Park or be resigned to settling for a renovation of the current stadium.