Cuyahoga County Council Member Wants Slower Pace On Funding "Q" Upgrade
The Cuyahoga County Council meets on Tuesday to discuss plans using for public money to help pay for renovating Quicken Loans Arena. At least one member thinks the council is rushing toward a final vote.
Council members will discuss selling a $140 million bond for its share of arena upgrades.
But District 6 representative Jack Schron wants a closer look at how the bond could affect the general operating fund.
“We know for sure, we’re going to be looking at a $23 million cut from the state alone. In spite of conversations that this is coming from no new taxes, we do know that it’s going to have an impact on our general line of credit, " he said.
Interest costs on the bond, which would be paid of in 2034, would cost $244 million. The Cavs will raise rent payments to provide its share of renovation costs. Cleveland and Destination Cleveland will contribute $88 million and $44 million respectively.
The proponents say improvements would extend the life of the 20-year-old venue, and make it more attractive for concerts and other large events. Opponents say the county should use prioritize addressing poverty and opioid addiction over the Q renovations.