CLEVELAND — As Cleveland Browns owners Jimmy and Dee Haslam continue to investigate their options for a future stadium, the city has released a comprehensive financing plan to renovate the existing facility on the lakefront.

In what the city calls “a competitive deal to retain the Cleveland Browns at their current stadium site,” Mayor Justin Bibb has put forth a $461 million proposal to the Haslams that includes a 30-year lease arrangement.

“We are implementing a bold vision for lakefront development, and the Browns have been an essential fixture on our lakefront for decades. But our first priority is always our residents,” Bibb said in a statement. “Having the Browns play here is integral to our city’s identity and community spirit. This initiative must go beyond the Browns and be about what’s best for downtown, the neighborhoods, the suburbs, and the region.”

• $367 million ($227 million from increases in admission tax revenues, $120 million from Cuyahoga County sin tax revenues, and $20 million in existing stadium capital reserves) over the 30-year lease term, with a five-year renewal option.
• The city will turn the Willard Garage and the Muni Lot over to the Browns for their exclusive use on game days and event days. Parking revenues are expected to generate $94 million for capital repairs and improvements.
• Under the current lease, the city covers $1.3 million in annual property taxes and insurance, while the Browns pay $250,000 in rent. Under the proposed new lease, rent will be waived for the Browns, but they will assume responsibility for the insurance and tax payments. This adjustment aligns with the lease agreements held by the Guardians and Cavs, making it consistent across sports franchises in Cleveland.

• Bibb says the $461 million investment by the city would not impact its services and does not include “pending County and State commitment.”

  You can read a summary of the city’s proposal to the Browns for a 30-year lease below: