This week, lawmakers in Columbus introduced House Bill 96 (HB96) which would not only issue $600 million in bond for the Cleveland Browns Brook Park dome project, but also sets up rules for similar projects down the road.
which would not only issue $600 million in bond for the Cleveland Browns Brook Park dome project, but also sets up rules for similar projects down the road. HB 96 labels what the Browns are trying to accomplish as a “transformational major sports facility mixed-use project district.
” That title is the long way of saying a pro sports facility with accompanying hotels, retail, office and or living space. The bill also kills what was Governor Mike DeWine’s idea of doubling taxes on sports betting companies and using that money to pay for all future stadium projects for both the pro’s and minor leagues. HB 96 spends a lot time talking about taxes and how a “transformational major sports facility mixed-use project district,” would be required to report to the state showing increases in the state’s tax base. That increase in projected taxes would be used to pay back the bonds, or loans, the state would take out on behalf of any project.The state’s contribution could not exceed 30% of any major project, while the professional sports team would be required to contribute at least 50% of of the project.Next, project would have to disclose financial and development plans to the Ohio Facilities Construction Commission, the Department of Taxation, and the Office of Budget Management. Those plans would have to show the state will make more on new taxes that will exceed the cost of the state’s debt and bonds for the project.The professional sports franchise would be required to deposit 5% of the state’s bond amount into an escrow account for the duration of the state’s obligation which can’t be more than 25 years. If the state’s tax base has increased to the point of paying back the bonds in full, that money would be returned to the pro sports franchise.75-year-old man fatally shot inside Stark County barChurch employee of 2 Northeast Ohio parishes indicted on several sexual-related charges including rapeSurvey shows 57% of adults in Northeast Ohio want Browns to play downtownShould the Browns stay downtown? Income factors into Northeast Ohioans' decision
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