DOWNTOWN CLEVELAND, OH (WOIO) - A $140 million transformation is coming to Quicken Loans Arena.
Officials said the Cavs approached the city several months back, asking if they would assist in this transformation. They also offered to foot $70 million of the bill.
Budish says it was an easy decision and claims The Q is the largest economic driver in the region.
Most of the funds for the improvements will come from revenue streams that already exist.
The Q would remain open during construction, which would begin in 2017 and take approximately two years.
As part of the reconstruction, the building would be modernized with a glass front and public gathering spaces would be added.
"If we don't take care of the facilities in which our professional sports teams play we are at risk of losing them," said Fred Nance, the attorney who helped negotiate the original Gateway Complex deal.
He was involved with the renovation plans as well.
The sin tax that funded the Gateway Complex cannot be used for these renovations.
Jackson believes it was a good deal, saying it ensures the presence of the Cavs and ensures nobody has to spend 100s of millions of dollars down the line.
A new arena would cost an estimated $600 million.
In 2016, The Q generated $245 million in direct spending and $44 million in tax revenue, supporting 4,800 jobs.
- No taxes will be raised and no cuts will be taken.
- Monies to help pay for the project will come from Destination Cleveland, contributing hotel taxes, and Cavs playoffs and admission taxes.
- If those taxes fall short the money will be made up through a rent adjustment at The Q.
- The Q is already 22 years old.
- The Cavs signed an extended lease. They will be in Cleveland until 2034.
- The NBA has promised to bring All-Star Week to Cleveland once the project is complete.
- Construction will bring new jobs.
Transformation costs breakdown
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