Cleveland Mayor Puts Forth Renovation Financing Plan For Browns Stadium

(ONN) – As Cleveland Browns owners Jimmy and Dee Haslam continue to consider their options for a future stadium, the city has released a comprehensive financing plan to renovate the existing facility on the lakefront.

Cleveland Mayor Justin Bibb put forth a $461 million proposal that includes a 30-year lease arrangement.

With the lease on Cleveland Browns stadium set to expire in 2028, the Haslams announced earlier this year that they are down to two options when it comes to their future stadium site: a one billion dollar renovation to the existing stadium or a domed stadium outside of the city at double the cost.

They said they have an option to purchase 176 acres of land in Brook Park, near Cleveland Hopkins International Airport.

Brook Park City Council has already given its support to the proposal.