DETAILS: Cleveland Browns and City Officials on First Energy - Cleveland 19 News Cleveland, OH

Cleveland Browns and City Officials release new details on stadium funding

Cleveland Mayor Frank Jackson & Browns CEO Joe Banner Cleveland Mayor Frank Jackson & Browns CEO Joe Banner

The Cleveland Browns and Cleveland City Officials held a news conference at 3 p.m. Tuesday to discuss First Energy Stadium renovation money.

In a new deal between the city of Cleveland and the Cleveland Browns, the team has offered to pay $120 million up front.

Cleveland Mayor Jackson calls the deal comprehensive and says that the agreement would save the city on costs associated with normally having to take out loans to make the same repairs and updates.

The city has agreed to spend $2 million a year for 15 years for the FirstEnergy Stadium renovations.

Mayor Jackson says that the city's commitment won't hinder promotion of current or future projects in any way.

"I will do nothing to put the city in jeopardy or our ability to serve the people of Cleveland," says Mayor Jackson

The $2 million is reportedly not needed to continue to provide the level of service that the city is currently receiving.

"This is not just an agreement that is short-sided... It looks at today, tomorrow, capital investments," says Mayor Jackson.

Mayor Jackson repeated several times that the money is not borrowed and the city is obligated to make repairs and upgrades to the stadium anyway.

Both the Cleveland Browns and Mayor Frank Jackson agree that the tentative deal will create fewer future obligations for the Cleveland.

Earlier this month, the Cleveland Browns initiated and developed a two-year FirstEnergy Stadium modernization project, proposed for completion during the next two off seasons.

The Browns said they looking forward to working with Cleveland Mayor Frank Jackson, the Cleveland City Council and the Design Review Advisory Committee.

Copyright 2013 WOIO. All rights reserved.

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