COLUMBUS, Ohio — A proposed allocation of $600 million for a new Cleveland Browns stadium has become a focal point in the state’s budget bill. State Representative Don Jones clarified that the funds are not a direct handout to the Browns but will be structured as a bond issue.
Jones explained that the state is offering the Browns the opportunity to sell bonds for the stadium project, which they will need to repay with interest. He emphasized that no money from the general revenue fund will be used for the project.
“If you have a local school district that wants to build a new building, they pass a bond issue,” said Jones. “What that bond issue is is the state will sell bonds, and that money will come back to that local district to build their new building. Then, at that point in time, the voters, when they pass that bond issue, they will pay on their property tax, they’ll pay that bond money back to the state because that’s how bonds work.”
The proposal still requires approval from the Senate as part of the budget bill before it can be signed into law by the governor.