Under the terms of a new lease agreement, a pair of options could keep the Cleveland Cavaliers at Quicken Loans Arena through 2044.
Plans are moving forward for the $140 million renovation to Quicken Loans Arena, which has been the home of the Cavaliers since its opening in 1994. Part of the framework for the renovation plan calls for the Cavs to extend their stay through 2034, though a key term in the lease may allow the team to remain at the arena beyond that date.
The new lease includes two five-year renewal options that, if exercised, extended, would allow the Cavs to remain in the venue through 2044. More from The Cleveland Plain-Dealer:
The lease with the Gateway Economic Development Corporation, the nonprofit landlord of the facility, was signed last month, days before the bond financing was completed. Gateway provided cleveland.com with a copy of the agreement this week.
The 134-page lease also includes details about the upgrades, which will be completed by Dec. 31, 2019, and the additional $92.8 million in rent that will be paid by the team over the next seven years.
As part of the renovations, Quicken Loans Arena will receive expanded public areas and a new north face enclosure along Huron Road. The financial framework calls for the Cavs’ contribution to come through increased rent payments, with the team slated to pay a total of $92.8 million from 2018-2034. The City of Cleveland will contribute more than $88 million in admissions tax revenue from Quicken Loans Arena from 2024-2034, while more than $44 million is coming from Destination Cleveland, and Cuyahoga County will allocate $16 million from its reserve fund for the convention center and Hilton Cleveland Downtown.
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