The Browns hope to sweeten their sweetheart deal to build a new stadium.
According to Rich Exner of the Cleveland Plain Dealer, the Browns want Brook Park to create a stadium authority that would own the team’s new facility and lease it back to the team.
What’s in it for the Browns? Apparently, a savings of roughly $100 million in sales tax on the materials for the stadium.
Brook Park City Council will discuss the proposal on Tuesday night. A public hearing is set for July 15.
The current funding plan for the $2.6 billion stadium includes $1.755 billion from the team, $600 million from the state, and $245 million from Brook Park. The Browns will be responsible for cost overruns.
The chosen device for the state’s contribution — borrowing from the state’s massive pool of unclaimed funds — has been delayed by litigation. The state apparently will come up with the money elsewhere if the courts prevent the state from using unclaimed funds.
Actually, as sweetheart deals go, this one is a little sour. The Browns will be footing 67.5 percent of the bill. While some would say that the Browns should be paying for all of it, the team is carrying a fairly high percentage of the total expenditure.
Especially when the inevitable overruns happen.
