Browns dangle "up-front cash" to support bonds for new stadium
The Browns have a habit of attempting to solve problems by throwing money at them.
Deshaun Watson doesn't want to play for the team? Throw money at him.
Myles Garret doesn't want to stay with the team? Throw money at him.
Via Cleveland.com, the Browns are dangling 'up-front cash' as insurance against the potential underperformance of bonds issued to help pay for the team's proposed stadium in Brook Park.
Per the proposal, the Browns would set aside $38.25 million. If revenue from the stadium project and surrounding development doesn't cover the cost of the bond, the money would be used to bridge the gap. (The investment would grow to $150 million by 2054.)
The Browns hope to secure $600 million through the bond offering. The offer flows from concerns that the team's plan for repaying the bonds is overly optimistic.
The proposed suburban domed stadium has an estimated cost of $2.4 billion. The Browns would cover half, and the taxpayers would handle the rest, for the privilege of having a building that a multi-billion-dollar business would use as its primary workplace.
The Browns also are willing to cover any cost overruns at the new stadium. (As the Bills are learning the expensive way, that could end up being a massive commitment.)
The separate problem for the Browns comes from multiple lawsuits relating the Cleveland's Art Modell Law, passed after the old Browns became the Baltimore Ravens. The new Browns are currently throwing money at that one in the form of legal fees, which will not be insubstantial.
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