Quoted from the www.theqtransformation.com site:
"There will be no new taxes or increase in existing taxes for The Q Transformation. The public portion of funding will come from revenue streams that already exist and are generated or directly impacted by The Q."
"The Transformation will grow the Q to over to over 3,200 permanent jobs through the lease extension, plus the project construction will create an additional 2500+ jobs alone."
"Quicken Loans Arena opened in 1994, but is now the oldest publicly-owned arena in the NBA. The Transformation of The Q will eliminate any discussion about the need for the construction of a much more expensive new venue (which can easily be in the $500-$750+ million range), extending the useful life of the arena to 40 years -- one of the longest terms for an NBA arena. The average life of an NBA arena is 22 years. The Q today is nearly 23 years old (the Richfield Coliseum operated for 20 years). It will also result in extending the Cavs lease through 2034, thus ensuring that this economic dynamo will continue to generate multiple benefits for Greater Cleveland for many, many more years to come."
"Transforming The Q will cost $140 million and extend the life of the building to 40 years – where the average facility lasts 22 years - also negating the need to build a new arena, which can easily range in cost between $500 and $750+ million."
With all of the talk of the Q Transformation Project and the benefits of an NBA All Star Game coming Cleveland and other events to build our economy there now is talk about the profit heading to fix up neighborhoods and the taxes to help neighborhoods. There were a lot who questioned where the investments and money were going when the Cleveland neighborhoods needed much help. So with all of the great citizens raising good healthy concern the Q Transformation Project is now focusing on neighborhoods as one of the main use of its profits over the years. Thank you to everybody who voiced about our neighborhoods needing help because now they are getting it. A lot of work still needs to be done and allocating of those funds and monitoring it. However, the voices have been heard.
Also Quoted on www.theqtransformation.com:
"The Transformation of The Q will bring Cleveland an NBA All-Star Week.
As the NBA’s largest and most important annual gathering of players, fans, business partners and media, NBA All-Star Week has an estimated $100 million self-generating economic impact, which alone covers the proposed portion of public investment into the Transformation, in addition to providing ANOTHER major image-boosting opportunity for our City."
Quicken Loans Arena and the Cavaliers have delivered more than $42 million in community, civic and charitable funding and giving over the last 20+ years. Dan Gilbert and his Family of Companies, including the Cavs, have led recent efforts to increase the fight against neighborhood blight resulting in over $60 million dollars of federal Hardest Hit Funds that are critical for our Cleveland neighborhoods.
Specifically, Cuyahoga County received $60 million in 2015 to initiate a demolition program for 5,000 blighted homes. To date, $25 million has been expended of which 82% of that has been used to address neighborhood blight in the City of Cleveland. The Cavs organization also recently contributed $100,000 to help launch the initial phases of a Western Reserve Land Conservancy program also focused on local blight elimination.
As part of this project agreement, the Cavaliers are continuing their ongoing commitment to the Cleveland community:
The Cavs have agreed to refurbish the 22 gymnasium floors in various city recreation centers. Plus, the Cavs will refurbish the gym floors in all Cleveland Metropolitan School District’s high schools.
The Cavs will donate all admission proceeds from this year’s Road Game Watch Parties at The Q, plus a portion of future proceeds, during the NBA Playoffs -- to Greater Cleveland Habitat for Humanity to continue and grow their support in our community’s fight against neighborhood blight. Over the last two years, this has totaled over $1 million dollars in local charity donations. Moving forward, the Cavaliers are partnering with the United Pastors in Mission (UPM) on Habitat for Humanity efforts and the continued fight against neighborhood blight"
About Quicken Loans Arena
"As a venue, The Q is the largest driver of economic activity in Cuyahoga County, hosting more than 200 diverse ticketed events that attract over two million visitors to downtown Cleveland each year.
Community marketers use The Q as a core asset in their efforts to bring major events to Cleveland and represent our community across the nation and the world.
The perception of our community is often shaped by images from inside and outside The Q and around downtown Cleveland that are broadcasted to viewers during nationally and internationally televised events at the arena. Most recently, the Republican National Convention, the 2nd largest media event in the world with over 15,000 media members, carried the Cleveland name and scene to every corner of the globe. Journalists from around the world were downtown for the NBA Finals, which were broadcast in 215 countries and 47 languages.
Quicken Loans Arena has not only generated huge economic dividends, but it has helped boost Cleveland’s image and reputation. Events like the RNC and NBA Finals present incredible opportunities to showcase Cleveland to the world. The value of this marketing exposure has changed the dialogue and visual representation about Cleveland both domestically and around the globe. The Transformation of our arena ensures we build on the positive momentum currently in place."