CLEVELAND — The financing package behind the proposed $435 million renovations of Progressive Field and lease extension for the Cleveland Guardians was passed by city council on Monday.
The council approved a $117 million contribution toward the $435 million deal to update Progressive Field.
The City of Cleveland will contribute $8 million annually under the terms of the deal and the State of Ohio will contribute $2 million per year. Total public contributions amount to $285 million.
The city’s portion of the financing package is a smorgasbord of different funds, including $3.2 million from the sports facility improvement fund, $2.6 million in admission tax revenue, $2 million in parking garage revenue, $333,000 in revenue from selling the naming rights of the parking garage as well as $350,000 in unspecified sources.
The financing package for Progressive Field is tied to a lease extension that will keep the Guardians playing in Cleveland through 2036.
The council passed the legislation by a 13-3 vote.
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