CLEVELAND, Ohio -- How exactly do the Cleveland Cavaliers plan to spend $140 million renovating Quicken Loans Arena?
While Cuyahoga County Council deliberated legislation to issue $140 million in bonds in a plan that would cost a total of $282 million over 17 years, the team provided details about construction, jobs and the cost. The Cavs would pay for $122 million through increased rent, while the county, Destination Cleveland and city of Cleveland would pay for the rest, without raising taxes.
The Cavs said they were interested in gaining approval in 2014, when then-Executive Ed FitzGerald turned down the proposal, so they could take advantage of the arena being torn up during the Republican National Convention.