On Tuesday, the Cuyahoga County Council approved a resolution to issue $140 million bonds for a renovation to Quicken Loans Arena, home of the Cleveland Cavaliers.
In December, the Cavaliers unveiled plans to renovate Quicken Loans Arena, a project that would take place over multiple phases. As part of that proposal, the Cavaliers said they would extend their stay at the venue through 2034 if the project was approved.
The County Council had most recently voted to move the borrowing resolution out of committee, and was to consider the plan again on Tuesday. Ultimately, the council passed the bill, which did not come as a surprise, given the level of support it has received from officials. More from Cleveland.com:
In the end, only three members of council voted against the measure.
It wasn’t unexpected, as only a couple members had opposed the measure when it transferred out of committee. Nan Baker, Yvonne Conwell and Jack Schron all voted no on the measure.
All three said they supported the idea of eventually reaching a deal with the Cavaliers, but said there were still questions on the current resolution.
“We want to be partners, there’s no question in that … They bring excitement to our city and they can’t a more loyal fanbase than what they find here, in Cleveland,” Baker said. “I think what hurts us in this situation is that we’ve negotiated this deal in fear.”
The county is a financial partner in the project with the City of Cleveland, Destination Cleveland, and the Cavaliers. The Cavaliers will contribute $122 million in the form of increased rent payments.
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