CLEVELAND, Ohio (WOIO) - There are only a few remaining roadblocks — and they just may be speedbumps — along the way of the Haslams getting their indoor stadium built in Brook Park.
As the process moves along, the debate will continue — most likely right through the construction phase and into how the financials play out for the city Of Cleveland.
It seems just about certain that building an indoor stadium will work out financially for the Browns and the Haslams.
The only question being, how well received will the mixed use development become that is expected to surround the stadium?
What is at question is will the city be hurt financially by the Browns moving to Brook Park? Or will there actually be a net gain of money spent downtown as a study commissioned by the Haslam Sports Group claims?
The numbers set forth could not be more diametrically opposed.
The city of Cleveland hired Squire Patton Boggs, a Cleveland law firm, which then commissioned Econsult to study the financial impacts if the Browns left for Brook Park.
19 News Anchor Brian Duffy is breaking down what appears to be an in-depth 36 page solution.
The bottom line appears to be, Econsult summarizes, that Cleveland will lose at least $41 million in total from direct and indirect economic output, including tax revenue.
The report states that number could double by the loss of events from venues in Cleveland to the indoor stadium.
The Haslams commissioned their own study by RCLCO, a real estate consulting firm.
They found that the regional economy would not only boom by $1.2 billion, but that there would actually be a a net gain of $11 million in spending in downtown Cleveland.
The Haslam study claims that the added visitors to the dome in Brook Park would stay and spend money in downtown Cleveland.
So the city claims a minimum of a $41 million financial loss, and the Haslam group expects an $11 million gain for the city.
Johnathan Ernest, a professor of Economics at Case Western Reserve University, said dueling financial projections are not at all that unusual.
He said the truth will soon become evident.
“Are they still staying in hotels in the downtown area? Are they still walking around and going to other venues, touring the Rock Hall the day before or after an event or concert? And are they going to other events?” he questioned.
You can watch the full story in the video player above, including a study from the Greater Cleveland Partnership that compares indoor stadium attendance and arena attendance in Indianapolis.
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