Sources: Ballmer Wants New Arena For Clips Vikings Select Firms To Build New HQ LAFC Mulls HQ, Complex In Tustin Beaver Stadium Capacity Likely To Get Smaller Seahawks/Sounders Looking For Naming Rights Turner Field Area Could Become College Stadium Kentucky Scores Big With Luxury Football Seating Redskins Sell Naming Rights For Team HQ Sources: Isles In Talks For Arena At Belmont Park Facility Notes
CITY PARKING TAX FINANCIAL BACKBONE OF CLEVELAND STADIUM
Published May 4, 1995
The Cleveland Stadium Task Force unveiled their plan to pay for the renovation of Cleveland Stadium, home of the Browns, through a combination of public and private-sector funding. The Task Force estimated that renovation will cost $154M and recommended that the "biggest single source of funding" -- slightly more than half -- be a new 15% tax on paid, off-street parking in the city. Under the proposal, public funding of $128M -- 83% of the $154M total -- would be shared by the city, county and state. Cuyahoga County would contribute $1.8M/year and the state $2M/year. The public funds would go toward "non- discretionary" renovation items, including basic structural and safety work -- 91% of the total cost. Task Force Chair David Hoag notes that the city, which has received "significant economic benefits" from the stadium, has made no investment in the facility since '66. Private money would go toward "discretionary" items such as a new scoreboard and video replay boards, an improved sound system, new phones, enhanced security, new ad panels, and loge renovations (Stadium Task Force).