Report questions Browns stadium funding plan: I-Team
CLEVELAND (WJW) – A report prepared by the Ohio Legislative Service Commission, at the request of a state senator, states some of the Haslam Sports Group's economic projections for a new enclosed stadium 'may be overly optimistic.'
The LSC report was released Monday by Senate Democratic Leader Nickie Antonio (D-Lakewood.) LSC is a nonpartisan agency that provides the legislature with research and fiscal analysis.
'The proposed funding plan for the new Browns stadium raises serious legal and financial concerns,' Antonio stated in a press release. 'The Haslams' projections are overly optimistic at best, and even their own consultants admit the analysis isn't intended to justify financing. Let's be clear: most of the so-called 'new jobs' are simply moving jobs away from Cleveland –- stadiums like this do not deliver the economic windfalls they promise. We should not move forward until we know the courts, the numbers and the public are on board.'
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Earlier this month, the House approved a proposed budget that would provide $600 million in bonds to the Haslam Sports Group. Profits from the project would be used to pay back the bond debt, HSG officials have stated. State Senators are now working on the budget.
'The bonds as described in House-passed version of H.B. 96 would be general obligation bonds (i.e., bonds back by the full faith and credit of the State). Rather, they are special obligation, or 'revenue obligation' bonds,' the report from LSC states. 'Whether this means they are constitutional is an open question, and ultimately only a judge could make that determination. '
The report further noted that staff was not able to verify HSG's 'economic claims because the source material and methodology were not documented in full detail.'
'Nevertheless, the HSG projections implied an outcome that would outperform other similar developments previously studied in peer-reviewed academic literature,' the report added.
The I-Team reached out to the Browns to discuss the report but have not yet heard back.
The report also questions the economic projections from HSG and the amount of new visitors that would go to the Brook Park location. HSG estimates 1.5 million new visitors. LSC calls that number 'overly optimistic.' The report added that the new stadium would result in a $10 to $11 million annual loss in tax revenue to the city of Cleveland.
Cuyahoga County Executive Chris Ronayne spoke to the I-Team on Friday and said he believes the enclosed stadium project will not be successful. He said he will not support it, even though it is planned to be built in Cuyahoga County.
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He believes the Browns should continue to play games in downtown Cleveland. He said moving the team to Brook Park will hurt downtown businesses.
'We don't see necessarily this deal is going to pan out,' Ronayne said. 'So if you claim it is the next big investment, we don't buy it. We want them to come home.'
Browns owner Jimmy Haslam spoke exclusively to the I-Team. He and a top executive revealed they are no longer talking about plans to renovate the existing stadium on the lakefront. Instead, team officials are focusing completely on building a dome in Brook Park with development around it.
The Browns are promising to invest more than $1 billion and are asking the state and county for $600 million each in bond money to be paid back with profits from the project. State officials are still discussing the funding proposal and are expected to have a decision by the end of June.
HSG filed a federal lawsuit in October challenging the city of Cleveland's attempt to use the Modell Law to keep the team from moving. The city also filed a lawsuit against HSG in Cuyahoga County Common Pleas Court asking a judge to enforce the Modell Law. Both cases are still pending.
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