A Public/Private Partnership Will Pay for a Major Quicken Loans Arena Transformation
The city of Cleveland, Cuyahoga County and the region’s visitors and convention bureau, Destination Cleveland, will pay for half of the project. The other half will come from the Cleveland Cavaliers and the organization that runs the arena. County Executive Armond Budish says the public funding portion will not impact other services.
“And with some creativity we figured it out. And we figured it out without raising taxes. Most of the funds will come from revenue streams that already exist and are generated or directly impacted by the Q.”
Those include admission taxes and hotel-bed taxes. The structural, amenity and appearance improvements to the arena are expected to increase the Q's competitiveness and make it usable until the year 2034. That’s about 20 years longer than the life span of most arenas. This year the facility generated nearly $2.5 billion in direct spending.