Cleveland, Ohio (August 28, 2017) - The Cleveland Cavaliers announced today the cancellation of their participation in The Q Transformation Project of the publicly-owned Quicken Loans Arena, which would have:
- Significantly upgraded one of the oldest arenas in the NBA
- Make it more competitive for the long term with other nearby midwestern cities and national venues to maintain and attract additional events
- Created over 2,500 project-related construction jobs
- Grown The Q’s permanent job base to 3,200
- Increased tax revenue to the City’s General Fund and neighborhoods
- Extended the Cavaliers lease for The Q to 2034
- Help maintain state and local taxes such as the $44 million in 2016 and potential growing tax revenue source to Cleveland through 2034
- Rehabbed 40 gym courts and floors in the city of Cleveland’s rec centers and all Cleveland Metropolitan School Districts high schools
- Brought an NBA All-Star Game to Cleveland in 2020 or 2021 along with its $100 million+ economic impact
Construction on the $140 million publicly-owned facility project was to have started this past June, but had been delayed due to a prospective referendum being placed on the ballot by the Washington, DC-based Metro Industrial Areas Foundation represented locally by a group calling themselves the “Greater Cleveland Congregations” (GCC), Service Employees International Union District 1199 and the Cuyahoga County Progressive Caucus.