DOWNTOWN CLEVELAND, OH (WOIO) - Cleveland city officials said Monday that the proposed Q renovation is a good deal that has gotten better.
The Cleveland City Council approved the deal for Quicken Loans Arena renovations Monday.
Officials say the Cavaliers have now guaranteed the city's General Fund will receive at least as much money as the amount collected from Quicken Loans Arena's admission tax that is used to pay off project debt the The Q transformation.
They say the Cavs have also agreed to refurbish the 22 gymnasium floors in various city recreation centers, as well as the gym floors in all Cleveland Metropolitan School District's high schools.
They say the Cavs will donate all admission proceeds from this year's road game watch parties at The Q during the NBA playoffs to Greater Cleveland Habitat for Humanity. In the past two years, this has totaled more than $1 million in local charity donations. The Cavs will also donate at least a portion of the proceeds for the next two years to help Habitat for Humanity meet its goal to renovate 100 homes in the hardest hit neighborhoods of Cleveland.
The $140 million Q transformation project, scheduled to begin this summer, is to be jointly funded by the Cavaliers with 50 percent funded by Cuyahoga County and Cleveland.
The Cavs have agreed to extend their lease until 2034.
The Q, now 23 years old, is the oldest publicly-owned arena in the NBA.