CLEVELAND, Ohio — Ohio fiscal officers are casting doubt on the economic projections behind a proposed $600 million public investment in a new Cleveland Browns stadium, saying the team’s claims are not backed by independent analysis and may significantly overstate the project’s potential impact.
In a new report released this week, the state’s bipartisan Legislative Service Commission (LSC) and Legislative Budget Office (LBO) said they could not verify the Haslam Sports Group’s economic predictions for a proposed domed stadium and 176-acre development in Brook Park, just outside Cleveland city limits. The report says the team’s projections “implied an outcome that would outperform other similar developments previously studied in peer-reviewed academic literature.”
The Browns responded Monday, issuing a rebuttal and defending the project’s viability saying the budget office reports contain “inaccuracies and misinformation,” and that the team has already addressed many of the issues in direct conversations with Governor Mike DeWine and other officials.
Under the stadium funding proposal, the state would repay the debt over 25 years using tax revenues generated by the planned mixed-use development district, which includes housing, retail, restaurants, hotels, and office space.
The Ohio General Assembly is still considering the proposal, but if it moves forward, the total public cost could approach $1 billion, once interest and long-term debt service are factored in.
