The GOP's tax bill could have cost The Q renovation project. The Q just beat it.

Sunday, 05 November 2017, 08:43:18 PM. The GOP tax bill would stop future stadium deals from using tax-exempt financing. The Q wrapped that up two weeks ago.
WASHINGTON - The Q got in under the gun. The new tax proposal from House of Representatives Republicans Thursday calls for nixing the use of tax-exempt bonds to build or renovate professional sports facilities. Viewed by critics including President Donald Trump as a subsidy to wealthy sports leagues and their multimillionaire owners, tax-free bonds are like loans with low interest rates. They save stadium and arena owners and operators money, but cumulatively cost taxpayers billions. So House Republicans want to stop any new ones from being issued for these kinds of projects, effective Thursday -- assuming Congress can pass the sweeping tax bill, which is uncertain. This could have pushed up the cost of extensive renovations at Quicken Loans Arena by millions of dollars -- renovations sought by Cavs majority owner Dan Gilbert, the city of Cleveland and Cuyahoga County. Of the project's $140 million cost, $35.27 million is being financed through the sale of tax-free bonds sold through the county, according to data from Moody's Investor Services. The bonds will be paid off with taxes from the city and county and payments from the Cavs. But by completing the financing round Oct. 18, this will not be a problem, said Timothy Offtermatt, a financial adviser with Stifel, Nicolaus & Company. He and his company are the financial advisers for Cuyahoga County. The bond sale was supposed to occur by summer but was delayed as the project's opponents sought a referendum vote. That effort...Read more
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