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City winds up big winner in Gateway negotiations. (Cleveland, Ohio; Gateway Economic Development Corp.)(ownership structure on stadium-arena complex)
Crain's Cleveland Business, November, 1990 by Bullard, Stan
City winds up big winner in Gateway negotiations In a unexpected turnabout, the city of Cleveland has emerged as the big winner in hurried, behind-the-scenes legal negotiations over who will eventually own the Gateway stadium-arena complex and who will now control the nearby economic development district.
It had been anticipated that the county would own the facility, once the bonds are paid off in 15 years, as a new county-wide sin tax will help pay for the facility. Under current plans, the Gateway Economic Development Corp. of Greater Cleveland -- the private authority appointed by the county and city -- will hold title to the sports facility until the bonds are retired. Gateway also had been expected to oversee the development district. In a...
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