The home of Cleveland’s world champion Cavaliers is about to get a major facelift, but public money will pay for half.
The deal calls for $140 million in upgrades, including expanded public areas in a more modern design encased in glass. The Cavs have also agreed to a lease extension through 2034.
The cost to build a new arena ranges between $500 and $750 million, officials said. In 2016, The Q generated $245 million in direct spending and $44 million in tax revenue.
As part of the deal, the Cavaliers will extend their lease with The Q by seven years to 2034.
Once the project is complete, Cleveland will host a week of NBA All-Star games. According to the county, a typical All-Star week brings $100 million in economic benefits.
The Cavaliers’ ownership will pay for half of the project, which includes a guaranteed week of NBA All Star games.
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source: News5.com
