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.