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Economy

What Happens to the Public Money that was Going to the Q Renovation

Quicken Loans Arena renovation
Quicken Loans Arena
Tens of millions of dollars of pubic financing was committed to the renovation of Quicken Loans Arena. What happens to that money now?

The Cleveland Cavaliers may have made clear they’re nixing the Quicken Loans Arena renovation deal for now. But it’s less clear what will become of the public money involved.

The tourism board, Destination Cleveland, would have pitched in $44 million over 18 years from its share of the hotel bed tax. Now, Director David Gilbert says those funds will be available for other tourism projects. 

Cuyahoga County would have contributed more than a million dollars each year from a fund connected to the downtown hotel and convention center. It’s not certain what the county will do with the money instead. 

And Cleveland’s share of the deal was this: to split admission tax collections at the Q between the city general fund and debt service on the project. 

Those payments would not have started until 2024. A city spokesman says it’s too early to tell what will be planned for those funds now.