Courtesy: Cleveland Cavaliers
And if the Greater Cleveland Congregations (the main Q Deal opposition group) hadn't "snatched defeat from the jaws of victory," as they did when they declined to pursue a referendum effort sanctioned by the Ohio Supreme Court, the Q Deal would have been much costlier, even if approved by voters at the ballot box.
The Plain Dealer reported this week that the county's financial adviser, Timothy Offtermatt, said the round of financing for the arena project was completed Oct. 18, and that the new tax legislation "will not be a problem."
But with even a minor delay, the project costs could have ballooned. Of the project's estimated $140 million cost, about $35 million is being financed through the sale of tax-free bonds sold through the county. Those bonds will be paid back over the next 17 years by the city, county and the Cavaliers. But those bonds, which function like low-interest loans for billionaire sports owners, have cost the federal government more than $3 billion since 2000 nationwide. They'll no longer be allowed starting Thursday.
Assuming the provision stays intact, this could complicate Gilbert's plans for a new basketball arena in 2034.
The $140 mil Q renovations have barely begun and we’re already openly talking about an entire new arena for 2034? https://t.co/C3fSZCeSpI
— Vince Grzegorek (@vincethepolack) October 27, 2017
On the other hand, given Cleveland's machinery of pro-stadium-deal propagandists and the web of accomplices and shills in the worlds of real estate, finance and law — most of whom donate lavishly to elected officials like Frank Jackson — ramming an even more suspicious, more lopsided deal down local voters' throats won't be too much trouble.
After all, #ThisisCLE
