Progressive Field, Quicken Loans Arena Get Combined $33M In Capital Repair Funds
The Greater Cleveland Gateway Economic Development Corp. BOD yesterday approved more than $33M in combined, major capital repairs to Quicken Loans Arena and Progressive Field, including an estimated $9.4M for a scoreboard that the Cavaliers "are attempting to have in place in the next two months," according to Kevin Kleps of CRAIN'S CLEVELAND BUSINESS. The proposed funds -- nearly $23.1M in improvements to the arena and between $8.4-9.9M in renovations to the ballpark in the next 10 months -- "would come from Cuyahoga County’s sin tax on cigarettes and alcohol." Gateway Chair Tim Offtermatt said, "It’s a pretty heavy lift to have the scoreboard ready for the beginning of the season, but I’ll leave that for others. We haven’t considered as a board any construction contracts yet." The next Gateway board meeting "is scheduled for Sept. 16." Cuyahoga County Council Chief of Staff Joseph Nanni, who attended yesterday’s meeting, believes that the financing "will be worked out between the city and county well before then." The Cavs "could finance the project themselves, then be reimbursed in 2015, when the next round of sin tax money is collected" (CRAINSCLEVELAND.com, 8/20).