Tuesday, February 18, 2014

City Council members Cummins and Polensek request additional information on proposed use of sin tax as related to City's stadium debt obligations

The following is a memo from Cleveland City Councilman Brian Cummins and Michael Polensek to Council President Kevin J. Kelley requesting information regarding negotiations and discussions of the City of Cleveland's $128 million debt obligation for the repayment of bonds for the construction of FirstEnergy Stadium.

The memo seeks additional information and requests stronger Council and Mayoral actions in ensuring that parties to the proposed sin-tax renewal (estimated at $260 million) consider the payment of the City's debt obligation as the primary use.

In addition, the memo seeks to encourage discussion about other forms of revenue that could help pay for obligations.  Additional information about other revenues, i.e., increase of the admission tax, new facility use fee, payments in lieu of taxes, multi-county/regional asset tax will be provided in future posts.

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