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Wednesday, September 6, 2017

The Q Deal is Officially Alive

Posted By on Wed, Sep 6, 2017 at 2:08 PM

COURTESY: CLEVELAND CAVALIERS
  • Courtesy: Cleveland Cavaliers
The Q Deal's back on.

Here's Mayor Frank Jackson.
First, I want to thank the Cavs for revisiting the Q Transformation Deal. Throughout the process, my support for this agreement never wavered. My efforts have always been to create vibrant neighborhoods and a vibrant downtown. I’ve said it before –this deal is one of the best I’ve seen because it provides opportunities for all of Cleveland.

Those who demonized this process were shortsighted, and I encourage them to ask themselves what they can do for the future of this city. Strong leadership requires doing the right thing, not just saying what you think people want to hear.

I want to thank the local elected officials who publicly supported this project, including Cleveland City Council President Kevin J. Kelley and Cuyahoga County Executive Armond Budish. We received tremendous support from almost all members of city and county council. I also want to thank Congresswoman Marcia Fudge for her continued leadership, State Senator Sandra Williams and the countless community leaders, unions, churches and organizations who have assisted in this process.

Everything we’ve done in Cleveland that has been successful, we’ve done together as one city. This has always been a collaborative effort and I look forward to the opportunities it provides our citizens.
And here's council prez Kevin Kelley:
I am very pleased that Cavaliers have agreed to continue with the Transformation Project. This deal is an economic boom for the City of Cleveland. It saves and creates thousands of jobs; generates tens of millions of tax dollars for the city’s general fund; and keeps the Q competitive in attracting events and concerts. The lease extension guarantees that the Q will be the home of the Cavaliers and continue as an economic engine until at least 2034.

This is the deal that began about 22 years ago, a deal that saw the city receive more money in 14 of the last 22 years than what it paid toward arena debt. A deal that has so far generated more than $60 million from admissions tax alone into the city’s general operating fund.

The Cavaliers have guaranteed that the city’s portion of admission tax collections will always be at least as much as the amount collected for arena debt payments. And that money, I want to stress again, comes from the pockets of those who buy tickets to get in The Q arena. It is not a municipal tax on Cleveland residents. 
Expect more glowing statements from other elected officials soon.



Meantime, here's the background info.

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