'An interim measure'
Cleveland seeks $22 million state loan for stadium
Posted: Thursday July 23, 1998 02:30 PM
CLEVELAND (AP) -- With a delay in receiving money promised from Ohio for a
new Cleveland Browns stadium, the city is asking the state for a $22
million contingency loan.
The state Controlling Board plans to vote Monday on the request, which was
filed Wednesday by Cleveland officials.
The 72,000-seat stadium expects to get $37 million, or 15 percent of its
original project cost, from the state. The project already has received $15
million.
The remaining $22 million in state grants is supposed to be included in the
state's upcoming $1.6 billion construction budget.
But lawmakers have taken longer than usual to approve the construction
budget, prompting the need for the loan.
Fred Nance, an attorney working for the city on stadium issues, said the
loan would be "an interim measure until the state can provide us with the
money. Our construction is proceeding on schedule. Our need to have funding
available to certify contracts has necessitated this interim move until the
appropriation can be made."
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