Source: Jamie Sabau / Getty
CLEVELAND, OH (WOIO) –
Now that the Cleveland Cavaliers have pulled out of paying for half of the Quicken Loans Arena Transformation Project many are asking about what happens next.
The project was supposed to cost $140 million. The Cavs had agreed to pay $70 million.
The public’s portion of the other $70 million was to be paid for with taxes made off of tickets sold to events at The Q and the taxes charged on hotel stays in Cuyahoga County.
There are now several questions people have. Here what we can answer at this point.
Is the Q Transformation Project completely dead?
Yes. With the Cavs not willing to pay for half of the project it is extremely unlikely the city will pay the full amount or get some other private funding source to pay for the project?
Are the Cavaliers going to still extend their lease?
No. According to a Tad Carper, spokesman for the Cavaliers, nothing in the original plan will be implemented. This includes extending a lease through 2034. The current lease is up in 2027.
Will the Cavs still renovate basketball courts outlined in the plan?
In the plan the Cavs had agreed to, “Rehabbed 40 gym courts and floors in the city of Cleveland’s rec centers and all Cleveland Metropolitan School Districts high schools.”
Because the Cavs are scrapping the whole plan, the renovations of the 40 courts will not happen.
The Cav will continue to help the community in several ways as they pointed out in its news release. “Substantial investment in the development of downtown and Cleveland’s neighborhoods. This includes a deep commitment to fighting blight, including the organization’s lead role in securing over $60 million of Federal Hardest Hit Funds for blight relief for Cleveland and Cuyahoga County, and donating over $1 million of support to the efforts of the Greater Cleveland Habitat for Humanity. The recently announced $1 million dollar donation to support Cleveland and Akron public school S.T.E.M. programs.”
Will there still be a referendum vote?
The referendum vote was still in the hands of the Cleveland City Council that would have needed to vote to get it either on the November ballot, or spend close to a million dollars to hold a special election possibly in May of 2018. A vote on this seems very unlikely going forward.
According the Cavs, “The Cavaliers organization will no longer participate in the partnership formed for The Q Transformation project and the need for a referendum no longer exists.”
READ MORE: Cleveland19.com
Article Courtesy of WOIO Cleveland 19 News
Picture Courtesy of Jamie Sabau and Getty Images
