US EditionOhio Senate Proposes $600M Loan Using Unclaimed Funds for Cleveland Browns Brook Park Domed Stadium Project
- On Tuesday, the Ohio Senate introduced a plan to allocate $600 million from unclaimed state funds to support the construction of a covered stadium for the Cleveland Browns located in Brook Park.
- The plan arises as an alternative to issuing bonds, using money that has remained unclaimed for 10 or more years and currently totals $4.8 billion in Ohio.
- The Senate budget includes a 16-year cash grant program funded by incremental taxes from the stadium and surrounding development, requiring the Browns to escrow $100 million for shortfalls.
- Senate Finance Chair Jerry Cirino called the plan "very creative" for avoiding $400 million in bond interest, while Cuyahoga County Executive Chris Ronayne criticized it as "picking your pocket."
- The proposal awaits negotiation in a conference committee before the June 30 budget deadline, after which Governor Mike DeWine may line-item veto the funding, subject to legislative override.
19 Articles
19 Articles
The Athens Messenger
Economist: New Browns stadium funding plan 'willful ignorance'
(The Center Square) – Ohio’s Senate Republicans are proposing to take $600 million from the Ohio Unclaimed Funds Program and pay the funds back using a tax capture at the site of a new Cleveland Browns stadium in Brook Park.
Cuyahoga County exec. addresses Senate's budget plan for Browns dome
CLEVELAND (WJW) - Cuyahoga County executive Chris Ronayne spoke out after state Senate leaders introduced a new proposal to assist the Cleveland Browns in getting $600 million in state funding to build a dome in Brook Park. "When we look at what's being proposed by our state Senate, we see a proposed budget that will benefit billionaires to the expense of everyday working residents of Ohio and this county of Cuyahoga," Ronayne said. The FOX 8 I-…
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