County Preparing to Borrow Even More Money to Pay Cavs for Arena Repairs

Home of the 2016 NBA Champion Cleveland Cavaliers.

From Deep in the renovated Q: Quicken Loans Arena set for major renovations in hope of future ASW. Cuyahoga County will borrow the $140 million up front by selling bonds to investors. But when anybody borrows money, interest piles up, meaning paying off the loans will take until 2034 and cost approximately $244 million.

Either way, finding Cleveland Cavaliers parking spaces at Rocket Mortgage FieldHouse will likely be a challenge on game day, so it’s best to book Cavs parking ahead of time. While the Cavs have their issues, the former Quicken Loans Arena is a spacious stadium, with 20,562 seats, the fourth-largest in the NBA.

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Cavaliers want to expand quicken loans arena. But the county is already carrying a $1 billion outstanding debt, meaning their credit card is maxed. The sin tax on alcohol and cigarettes, which was used to build Gateway Plaza and re-approved by voters two years ago to fund upgrades, isn’t an option because it’s earmarked for general maintenance issues on the city’s three sports venues.

More crucially, if the sin tax isn’t extended, the city and county, per the team leases, will still have to come up with at least a share of the money for major capital repairs like new roofs or.

At the end of 2015, the bonds Cuyahoga County and the city of Cleveland issued to pay for their shares of construction of the Gateway buildings and Browns Stadium, respectively, will have been repaid. The teams have 30-year leases that put the onus of capital repairs on the city and county governments.

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Cavaliers scuttle plans for $140M makeover of Quicken Loans Arena. The Cuyahoga County Progressive Caucus, which had been leading the fight to stop the renovation, said in a statement it was "very pleased" with the Cavs’ decision.

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