The Cavaliers yesterday announced a $140M upgrade to Quicken Loans Arena, with the team saying that it will "make the 22-year-old arena competitive by creating more space for dining, bars and public gathering," according to a front-page piece by Karen Farkas of the Cleveland PLAIN DEALER. The makeover also "dramatically alters the facility's appearance." The Cavs and taxpayers would "split the cost, without any increase in taxes," and existing taxes on hotel rooms and arena tickets would "pay most of the public's share." The arena would "remain open during construction, which would finish" by '20. The goal is to modernize the arena with a "glass front, public gathering spaces and dining areas that let you watch the game while you eat." Civic leaders fear that "without a renovation, Cleveland will stop attracting top entertainment acts." Cuyahoga County will borrow the $140M up front by "selling bonds to investors." Paying off the loans will take until '34 and cost approximately $244M, including interest. But the city and county "want to set aside" another $38.5M for future sports stadium work, so the total cost of the financing deal will be about $282M over the next 17 years, "subject to market interest rates in the spring." The Cavs will "provide the biggest chunk of that," roughly $122M, "through increased rent payments for the Q." Cleveland will provide more than $88M, "using its admissions tax on tickets" to arena events from '24-'34. The Cavs said that they will "pay for any over-budget construction costs and will cover the public's share if taxes are less than anticipated" (Cleveland PLAIN DEALER, 12/14). In Akron, Jason Lloyd notes the terms of the plan "still must be approved by both the county and city councils" and Destination Cleveland’s BOD (AKRON BEACON JOURNAL, 12/14). SHoP Architects is the lead architect, teaming with Rossetti, designer of $70Min upgrades to TD Garden over the past few years (Don Muret, Staff Writer).
BUILD AND THEY WILL COME: The PLAIN DEALER's Farkas notes the renovated arena "will be the site" of an NBA All-Star Game, perhaps as early as '20. Cavs CEO Len Komoroski said that the team has "been promised the big event ... once the arena is renovated." The last time Cleveland hosted the ASG was in '97. In '14, the Cavs and the Greater Cleveland Sports Commission "submitted a bid" to host the '18 game. In '15, NBA Commissioner Adam Silver said that the "only thing" that would prevent Cleveland from hosting an ASG is "failing to make improvements to the Q" (Cleveland PLAIN DEALER, 12/14).
NOT SO FAST? In Cleveland, Leila Atassi in a front-page piece notes the public will "get its say, as some of the funding mechanisms must be heard before city and county councils early next year" (Cleveland PLAIN DEALER, 12/14). Also in Cleveland, Mark Naymik writes the proposal "should force politicians to again confront some key questions that shape the debate about public financing of sports facilities." The "broadest and most obvious one is whether taxpayers should continue to pay for facilities primarily used by sports teams whose wealthy owners could afford to build their own venues" (Cleveland PLAIN DEALER, 12/14).
