By refinancing previous bonds and issuing new bonds, Cuyahoga County will cover repairs at Cleveland’s Rocket Mortgage FieldHouse.
On Tuesday, the Cuyahoga County Council took steps to cover its share of repairs at two Cleveland sports facilities: Rocket Mortgage FieldHouse, home of the Cleveland Cavaliers, and the adjacent Progressive Field, which houses MLB’s Indians. As part of those decisions, the county will issue new bonds to raise upwards of $40.5 million, while refinancing $40 million in bonds previously sold in 2015.
Both Rocket Mortgage FieldHouse and Progressive Field are owned by Gateway Development Corp., a joint partnership between the county and City of Cleveland. By taking Tuesday’s actions, the county has created a mechanism for covering its share of repairs as outlined in the lease agreements for both venues. Much of the funding will go toward reimbursing the Cavaliers, covering projects that have been completed or are in progress. More from Cleveland.com:
Among those costs:
- $27.9 million to replace and upgrade the mechanical and electrical systems.
- $15 million for improvements to the arena bowl.
- $5.1 million to replace the roof.
- $3.2 million to improve security systems.
Other work will include window replacements, upgrades to the elevators and escalators and replacement of the arena bowl curtains. The total bill for the arena work is estimated to run about $65 million.
Councilman Dale Miller, in support of the bonding legislation, said the money should be enough to cover all renovation and repair expenses the county will will need to cover for some time.
The bonds would be paid for with revenues from the county’s 20-year tax on alcohol and cigarettes, which voters extended in 2014.
In addition to the Cavaliers, Rocket Mortgage FieldHouse is also home to hockey’s Cleveland Monsters (AHL) and hosts a variety of concerts and other events. It is currently closed to undergo the final phase of a $185 million renovation, and is slated to reopen in September.
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