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CLEVELAND BUSINESSES ON HOOK FOR LONG-TERM REVENUE ASSURANCE
Published February 29, 1996
The NFL's deal to return football to Cleveland not only includes a provision calling on local companies to guarantee they will rent most of the new stadium's loge and club seats for 10 years, it also states that Cleveland Tomorrow, a group representing the city's top corporations, will be responsible for providing a "cushion" against unsold luxury seats beyond that time. That cushion would come in the form of upfront cash -- a $3M deposit by December 31 -- or a $10M line of credit. But, according to the Cleveland PLAIN DEALER, Cleveland Tomorrow Exec Dir Joseph Roman said his group learned of that commitment just this week when final documents were released by Cleveland Mayor Michael White. Kenneth Silliman, an Exec Assistant to Mayor White, stressed that other businesses would be asked for "seed money" in addition to Cleveland Tomorrow. He did not name a specific organization (Stephen Koff, Cleveland PLAIN DEALER, 2/28). GIVE IT UP: Columnist Terry Pluto argues that those on the City Council who oppose the NFL's deal with the city should remember one thing, "It's over." Pluto writes, "You may not believe White secured the best deal, but hands were shook, papers were signed" (Akron BEACON JOURNAL, 2/29). OSU WILLING FOR SHORT-TERM: OSU President Gordon Gee said the school would accommodate an NFL team in Columbus, but not for more than two years (COLUMBUS DISPATCH, 2/28).