(Rich Exner, cleveland.com)
CLEVELAND, Ohio - Now that the deal with the Cleveland Cavaliers to renovate Quicken Loans Arena has won approval from both the Cuyahoga County and Cleveland councils, here's an update on the financing plan.
Q: Is the Cavs' deal to renovate Quicken Loans Arena really a 50-50 public-private split?
A: Yes, if you simply look at the cost of the renovations.
Some $140 million is to be borrowed soon for the arena renovations. It breaks down this way:
- $70 million public commitment - The public sector, mainly through existing city and county taxes, will pay off $70 million of the loans.