Ohio Senate GOP targets unclaimed property fund to help pay for Browns, Bengals stadium projects
The Browns hope to pay for their new stadium in part with state-issued bonds. Senate Republicans have a different idea.
Via the Cleveland Plain Dealer, the initial budget of the Senate GOP's initial proposal for the state budget would include 'raiding' the unclaimed property fund.
It currently has $4.8 billion. A total of $1.7 billion would be removed, with $600 million going to the Browns and $1.1 billion devoted to other stadium projects — including proposed upgrades to the Bengals' stadium.
For the Browns, the $600 million would be repaid to the unclaimed property fund with tax revenues.
It's unclear whether the Ohio House or governor Mike DeWine will support the proposal. The House has endorsed a bond issuance. DeWine wants to increase the taxes on sports books.
Meanwhile, Cuyahoga County executive Chris Ronayne, who has been squabbling with the Browns lately, opposes using any state money for a stadium in Brook Park.
'This is a sad day for the state of Ohio and a sad day for the residents of Cuyahoga County,' Ronayne said. He added that the money would cover Medicaid for 50,000 Ohio residents.
'Put your own money in this, Haslams,' Ronayne said.
It's just another example of the current mood held by many regarding whether NFL teams should pay for their own stadiums, or whether they're entitled to public funding. And it's currently playing out for multiple teams — the Browns, Bengals, Chiefs, and Commanders.
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