CLEVELAND, August 1, 2024 — Today, city officials transmitted a competitive deal to retain the Cleveland Browns at their current stadium site.
Cleveland Mayor Justin M. Bibb and civic leaders agree the stadium is more than just a venue and that keeping the Browns in Cleveland is vital for sustaining downtown's successes, regional health and the city's global image.
“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,” stated Mayor Bibb. “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.”
Over the last decade, $7.5 billion has been invested into downtown Cleveland. There is an opportunity to build on the many public investments that have already been made including Progressive Field, Rocket Mortgage Fieldhouse, the Hilton Hotel and the Huntington Convention Center, and private investments including the new Sherwin-Williams headquarters, the Rock and Roll Hall of Fame expansion, and the Flats East Bank.
“Losing the Browns would harm Cleveland and all Clevelanders,” Bibb added. “Lower spending downtown would negatively affect tax revenues that provide essential services for a city in need. It would close businesses, cost jobs, empty out storefronts, and make our downtown feel less alive.” he added. “We also can’t lose sight of how a new venue would cost taxpayers—including Clevelanders—hundreds of millions more while undermining the city and region's other critical needs. A strong urban core drives success for the entire region.”
In a letter to the Haslam Sports Group, the Mayor stated:
“We are unified in our belief that transforming the current facility is unquestionably in the best interests of Cleveland and Cuyahoga County. We do not believe any public financial support should responsibly be made available for development of a stadium outside of the City of Cleveland.”
Mayor Bibb emphasized that the Browns had presented the city with exciting and transformational plans for a modernized facility on the lakefront, aligning with the city’s commitment to a vibrant shore-to-core-to-shore plan for Cleveland. The administration is steadfast and focused on developing the North Coast lakefront into a world-class, well programmed, people-focused space. The Cleveland Browns are a key part of that vision.
The proposed 30-year lease arrangement balances the needs of our residents and the team, and it is designed to provide the Browns with a dramatically transformed facility that will serve the region for decades.
“We have worked closely with the Haslam Sports Group over many months and developed a competitive, thoughtful, and comprehensive package that we believe respects taxpayers and protects the city’s budget while enhancing the Browns’ fan experience,” noted Mayor Bibb.
The funding model ensures that fans paying for tickets cover the cost of upgrades without negatively impacting the city budget. Cleveland is committed to using revenues that would not exist but for this project. This approach assures equity, given that 70% of the stadium’s users come from outside of Cuyahoga County.
The total city investment would be $461 million without any impact to city services, and that is before any pending County and State commitment. Terms include:
- $367 million ($227 million from increases in admission tax revenues, $120 million from Cuyahoga County sin tax revenues, and $20 million in existing stadium capital reserves) over the 30-year lease term, with a five-year renewal option.
- The city will turn the Willard Garage and the Muni Lot over to the Browns for their exclusive use on game days and event days. Parking revenues are expected to generate $94 million for capital repairs and improvements.
- Under the current lease, the city covers $1.3 million in annual property taxes and insurance, while the Browns pay $250,000 in rent. Under the proposed new lease, rent will be waived for the Browns, but they will assume responsibility for the insurance and tax payments. This adjustment aligns with the lease agreements held by the Guardians and Cavs, making it consistent across sports franchises in Cleveland.
The proposal benefits Cleveland and Cuyahoga County residents by enhancing the facility and saving the public hundreds of millions in new construction costs. It is a strategic investment that sets the stage for Cleveland Browns Stadium to continue to serve as an economic engine for Greater Cleveland.
Said Mayor Bibb: “I was elected to fight for Cleveland—its residents, its businesses, and its future. I am committed to keeping the Browns here at home, as key partners in our lakefront transformation.”
