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CLEVELAND (WJW) — The FOX 8 I-TEAM has learned what the City of Cleveland has offered the Browns to stay in their stadium on the lakefront.
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The city says it’s a $461 million financing plan with a lease arrangement over the next 30 years.
The city sent the following letter, dated Aug. 1, to Browns owners, Jimmy and Dee Haslam, asking for a response by Aug. 12:
Letter to Jimmy and Dee HaslamDownload
The team has been considering making major renovations to the stadium (at a price of approximately $1 billion) or building a dome in Brook Park.
“We are implementing a bold vision for lakefront development, and the Browns have been an essential fixture on our lakefront for decades. But our first priority is always our residents,” Mayor Justin Bibb said in the letter to the Haslams. “Having the Browns play here is integral to our city’s identity and community spirit. This initiative must go beyond the Browns and be about what’s best for downtown, the neighborhoods, the suburbs, and the region.”
According to the terms of the offer, Haslam Sports Group (HSG) would design the project with the city’s approval. The city would commit $367 million for the stadium project and another $94 million for capital repairs and parking revenue.
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HSG would pay rent equal to property tax and property insurance at about $1.3 million per year along with operating costs.
The city says its proposal would not impact city services.
The proposed terms are as follows:
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