A $2.4 billion domed stadium and mixed-use entertainment district are set to transform Brook Park into a hub of sports, entertainment, and economic growth. Haslam Sports Group (HSG) is seeking a 50/50 public-private partnership for the project, with contributions from Cuyahoga County, the state of Ohio, and private investors.
Under the proposal, Cuyahoga County would provide $400 million in funding through its local tax revenue streams, while the state of Ohio would contribute $600 million by borrowing against its balance sheet. Private investors would cover the remaining costs.
The project is expected to create 11,400 full-time jobs and generate $6.3 billion in fiscal impact and tax revenues over a 30-year period. The stadium alone is projected to attract $1.3 billion in annual economic impact, according to RCLCO.
HSG’s CEO, David A. Jenkins, said the state’s recent proposal for a sports gaming tax increase could provide an additional revenue stream for the project. “Optionality is good,” he stated. “We’re excited about working with the state on this plan and exploring ways to maximize the impact of the taxes generated by the project.”
The mixed-use development will include a modernized airport, a developed lakefront, and downtown redevelopment opportunities. HSG’s Managing Partner Dee Haslam expressed enthusiasm for the potential of Brook Park to become a community hub. “We get really excited about that this could be a community that can do it all,” he said.
As the project moves forward, HSG is working to ensure that future capital repair needs are addressed in the funding model. By leveraging excess local tax revenues, the organization aims to solve for infrastructure and other city or regional needs.
The economic impact of the project will be felt across the region, with a focus on job creation and community development. As one of the largest mixed-use developments in the country, Brook Park has the potential to transform the local economy and provide a lasting legacy for generations to come.
Source: https://www.clevelandbrowns.com/news/haslam-sports-group-proposes-funding-model-for-new-enclosed-huntington-bank-field