The Cuyahoga County (Ohio) Council plans to sell $65M in bonds "to pay for improvements and repairs to Progressive Field and Quicken Loans Arena," according to Karen Farkas of the Cleveland PLAIN DEALER. Gateway Economic Development Corp. Chair Timothy Offtermatt said that the bonds will "likely be paid off in 10 years." The estimated $6.5M annual payments "to cover principal and interest will be paid for with the county's 20-year tax on alcohol and cigarettes." The money will reimburse the Cavaliers for a new scoreboard and "pay for items including a new scoreboard" for the Indians and "a new roof at the arena." It is the "first proposed distribution of the so-called sin tax that is expected to raise" a total of $260M for Progressive Field, Quicken Loans Arena and FirstEnergy Stadium. The county "began collecting the renewed sin taxes in August." Offtermatt told the council that according to the leases between the teams and Gateway, which owns both facilities, the company "is responsible for all single repairs that cost $500,000 or more at the Q and $520,000 at Progressive Field." Offtermatt said that "future sin tax revenue will likely go for future repairs to FirstEnergy Stadium, which is owned by the city of Cleveland" (Cleveland PLAIN DEALER, 10/28).
