The new enclosed Huntington Bank Field became one step closer to reality Monday.
The Ohio GOP budget bill has been approved and was officially signed Monday by Governor Mike DeWine. Included in the budget is a construct for funding to support a new enclosed Huntington Bank Field in Brook Park for the Browns.
Browns Managing and Principal Partners Dee and Jimmy Haslam provided a statement on the announcement of the inclusion of stadium funding in the state budget:
"We respect the firm commitment and leadership that Governor DeWine, and the Ohio Senate and House have shown in their collaborative work to find a responsible way to support such a transformative project, one that will create a generational impact for our region and the State," the Haslams said. "Our fans deserve a world-class facility, and we are committed to building a state-of-the-art enclosed stadium that resonates with Cleveland, highlighting our loyal and passionate fans and the Dawg Pound, while also incorporating innovation, bold design, and an immersive experience. The new enclosed Huntington Bank Field will be completely fan-centric, a first-of-its-kind design in the NFL, and a dynamic venue that draws visitors from across Ohio and beyond, for concerts and significant sporting events throughout the year. This premiere facility will anchor a major lifestyle and entertainment development and be a catalyst for one of Northeast Ohio's largest economic development projects ever and something our community will be proud of and can enjoy for years to come. We appreciate the support of State leaders and their belief in this transformative project."
With its inclusion, the stadium project receives the $600 million as a "performance grant" towards the stadium, one that will be paid back with incremental revenue generated by the project above a current state revenue baseline.
But the new enclosed Huntington Bank Field is more than just a stadium project. The venue will host concerts and events throughout the year, bringing more of an impact to downtown Cleveland through regional and national visitors.
The Haslams continue to commit to Cleveland with this unprecedented $2+ billion investment in the stadium and vibrant mixed-use lifestyle and entertainment development, along with their private development partners. Haslam Sports Group will pay for any cost overruns on the stadium construction and the public will not bear any overrun risk.
