A recent proposal for funding the Cleveland Browns‘ new stadium, has become a controversial topic as Ohio Governor Mike DeWine and other state legislators want to pull from publicly unclaimed funds to help build the $2.4 billion project. And according to Cleveland.com, some very notable names are among the residents who are owed funds — including former Browns quarterback Baker Mayfield.
The Ohio Senate pitched drawing money from the state’s $4.8 billion unclaimed property fund for the Browns’ new stadium, which would be located in in Brook Park, Ohio, about 20 minutes outside Cleveland. The current proposal, which is far from becoming law, has a multi-pronged approach — $1.7 billion will go toward a new Sports and Culture Facility Fund, $600 million from the new fund will help cover the $2.4 billion stadium project and Sen. Jerry Cirino said the remaining $1.1 billion would be used for other stadium projects, like renovating the Cincinnati Bengals‘ stadium.
Taxes from stadium projects would repay the unclaimed property fund. The Haslams, owners of the Browns and Columbus Crew MLS team, would be asked to put as much as $100 million in escrow to cover tax revenue shortfalls.
Cuyahoga County Executive Chris Ronayne, who opposes the proposal, is urging Ohio residents to withdraw their unclaimed funds before it’s used to help fund the stadium. In addition to Mayfield, who was Cleveland’s No. 1 pick in 2018 and now plays for the Tampa Bay Buccaneers, noteworthy residents who have unclaimed funds include former Browns quarterback Bernie Kosar, Cleveland Guardians owner Paul Dolan, Cleveland Cavaliers CEO Nic Barlage and Cleveland Mayor Justin Bibb, Cleveland.com reports.
The funds are allegedly challenging to claim, requiring claimants to submit several documents proving their identity and residency.
Ronayne and others in opposition argue that the Browns should remain downtown, proposing that the state provide $350 million to update the lakefront stadium. Detractors of the proposal argue that if unclaimed funds are used for anything, they should go toward funding local schools or food programs.
This news was originally published on this post .
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