Monday, November 25, 2013
Proposal for $120 million Capital Repairs/Improvements Browns Stadium & Legal Memo outlining City obligations
Sunday, November 24, 2013
See the previous post - Browns $120 million proposed capital improvements, Ordinance #1578-13: Join the conversation at the Civic Commons, for a description and explanation of my perspective of the proposal and the ordinance to be considered by Cleveland City Council commencing at 9:30 am tomorrow, Monday, November 25, 2013.
To review the copy of the lease as well as summary information about the cost of construction and revenue and expense information, see the post from January 18, 2013 - Cleveland Browns Stadium gets new name as old sin tax expires in 2015.
For those interested in following the Council proceedings, the morning Committee meeting will be streamed live on-line beginning at 9:30 am - on the City's TV20.
The meeting at 7:00 pm will not be streamed. Both the morning Committee and evening Council Meeting are public meetings and all are invited to join us. No public comment can be made at either meeting, although the Chair of the committee meeting in the morning, can agree to allow public comment if scheduled and arranged before hand.
It is expected that Council leadership will call for a vote on the Ordinance under an Emergency vote at 7:00 pm, during the regularly scheduled Monday evening meeting in Council Chambers. That vote, if sought, will require a two-thirds majority, or 12-votes (It is anticipated that one members - Reed- will be absent), conversely it will take 7-votes to block the vote for the emergency measure, which would thereby postpone a vote on the Ordinance.
Friday, November 22, 2013
Browns $120 million proposed capital improvements, Ordinance #1578-13: Join the conversation at the Civic Commons
First off, given the information I have, if voted on today, I would vote no.
Although the underlying lease agreement between the City and the Browns is hugely, no grossly lopsided, we are nonetheless obligated under the law to abide by it. Although I have some confidence in the Mayor's Administration in terms of the stated negotiations with the Browns, I've not received sufficient information to be confident this is the best deal we can get.
NOTE: The Ordinance and Lease Agreement can be reviewed at the link posted here.
The underlying lease and therefore this deal are very complicated. Here is an attempt to explain the deal and its implications.
And, people seem to forget or not mention in these reports that the City still owes some $134 million in principal and interest on the initial $202 million in municipal bonds that were issued to pay for the $330 million stadium.
PS: in light of the request of the Browns to replace their JumboTRON with two new JumboTRONS at a cost of $20 million and the control room and kick-ass state-of-the-art stadium sound system, here is a picture of my family's 16-year television that still works and delivers excellent picture and sound of Monday Night Football and PBS NewsHour. Some of our neighbors have asked me to put dibs in for the used Browns JumboTRON for movie nights in my Ward. Maybe I can work that out with the Browns as part of a side-deal on Monday. Stay tuned...
Cummins family's 16-year old TV
still in operations delivering a high
quality entertainment experience.
Thursday, November 21, 2013
Cleveland would enter into a collaboration agreement with the County and Port Authority. Cleveland is being asked to contribute $8 million to the deal, plus a non-school Tax Incremental Finance deal for the project. This would be a publicly owned hotel, owned by the County and run by Hilton Hotels & Resorts.
Presentation by County:
Other resource information:
Sunday, August 11, 2013
An opening event is planned for September to explain the program's details and eligibility requirements. Conference registration opens tomorrow, August 12th and a press conference will be held on Tuesday August 13th.
The Cleveland CityLIFT Event at the Cleveland Convention Center
- Thursday, September 12, 2013: 10:00am to 7:00pm
- Friday, September 13, 2013: 10:00am to 7:00pm
Registration opens on August 12th, 9:00am at www.nhscleveland.org
- Registration opens August 12 at 9:00am
- Press conference August 13, 10:00am
CityLIFT is a Down Payment Assistance program funded by a Wells Fargo Bank and Wells Fargo Foundation in partnership with NeighborWorks® America. CityLIFT provides $15,000 in down payment assistance to eligible homebuyers who are purchasing a home within the city limits of Cleveland. The CityLIFT down payment assistance funds will be disbursed at closing.
These funds will be in the form of a secured mortgage written by NHS of Greater Cleveland. CityLIFT is a 0% interest mortgage and if its conditions are satisfied it will be forgiven at 20% each year for five years. The mortgage will cease and the prorated balance will become due, payable upon demand, if the property is sold, refinanced, transfer of title, foreclosure or other default occurs within the first 5 years.
In order to be eligible for CityLIFT down payment assistance, the homebuyer(s) must:
- Have a household income not to exceed 120% of the Area Median Income for Cleveland when the first mortgage is a conventional loan, or
- Have a household income not to exceed 115% of the Area Median Income for Cleveland when the first mortgage is an FHA loan.
- Completed an 8 hour NHSGC Homebuyer Education Course.
- Purchase a home within the city limits of Cleveland.
- Agree to maintain the home as a primary owner occupant residence for the five year period.
- Obtain a first mortgage loan from an approved CityLIFT lender, DOES NOT HAVE TO BE WELLS FARGO.,
NOTE: For residents living in neighborhoods served by Ward 14 Councilman Brian Cummins, Please contact the local development corporation that serves your neighborhood for help in qualifying for this program and identifying a home for purchase:
- Stockyard, Clark Fulton & Brooklyn Centre Community Development Office (SCFB)
3167 Fulton Road, Suite 303, Cleveland, Ohio 44109, 216-961-9073 xtn. 207. For event and community news and information see: SCFB web page, SCFBC Calendar, facebook page, and send an email to sign-up for their bi-weekly e-newsletter.
- Tremont West Development Corporation
2406 Professor Ave Cleveland, OH 44113, 216-575-0920, For event and community news and information visit: tremontwest.org, facebook page.