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CLEVELAND – Cleveland will spend $500,000 towards the cost of hosting the Rock and Roll Hall of Fame’s 30th annual induction ceremony on April 18.

The subsidy was approved by Cleveland City Council on Monday.

The city paid the same amount in 2012 when it last hosted the ceremony, which also rotates to New York and Los Angeles.

“We’re paying money out, but we’re getting a better return on our investment,” Councilman Zack Reed said.

Destination Cleveland estimates the economic impact will be $15 million, as attendees spend money at restaurants, hotels, breweries, and local attractions.

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