The state unveiled plans to use a trove of unclaimed funds that stem from forgotten utility deposits and bank accounts after 10 years to help offset the cost to the Haslam Sports Group, owner of the Browns. Owner and CEO Jimmy Haslam previously requested taxpayer support and state funds to help construct a $2.4 billion domed stadium 15 miles south of Cleveland in the suburb of Brook Park.

A lease at the existing Huntington Bank Field expires at the end of the 2028 season. A renovation of that structure was projected to cost more than $450 million, according to the team’s ownership group.

Haslam said in an open letter to Browns fans on Tuesday that “the new enclosed Huntington Bank Field will be … a first-of-its-kind” facility in the NFL.

“Our fans deserve a world-class facility, and we are committed to building a state-of-the-art enclosed stadium that resonates with Cleveland, highlighting our loyal and passionate fans and the Dawg Pound, while also incorporating innovation, bold design, and an immersive experience,” the letter read.

“The new enclosed Huntington Bank Field will be completely fan-centric, a first-of-its-kind design in the NFL, and a dynamic venue that draws visitors from across Ohio and beyond, for concerts and significant sporting events throughout the year. This premiere facility will anchor a major lifestyle and entertainment development and be a catalyst for one of Northeast Ohio’s largest economic development projects ever and something our community will be proud of and can enjoy for years to come. We appreciate the support of State leaders and their belief in this transformative project.”

Haslam said the group plans to continue investing in Northeast Ohio and denied tapping into state tax-revenue streams.

“The state’s construct is a performance grant towards the stadium that will be paid back with incremental revenue generated by the project above a current state revenue baseline,” he said. “There has been no ask by the Haslam Sports Group to pledge existing tax revenue streams that would take away from other pressing community needs to fund this project. This economic development project will not only pay back but also provide all stakeholders an additional return on their investment.”

–Field Level Media