Cleveland OKs last chunk of financing to upgrade Cavs’ arena

Cleveland Cavaliers fans gather at the Quicken Loans Arena early Wednesday, June 22, 2016, to watch a parade celebrating the Cavaliers' NBA Championship in downtown Cleveland. The Cavaliers made history by overcoming a 3-1 deficit to beat the Golden State Warriors in the NBA Finals and end the city's 52-year drought without a professional sports championship. (AP Photo/Gene J. Puskar)

CLEVELAND (AP) – Cleveland officials have committed the final chunk of financing for $140 million in upgrades planned at the Cavaliers’ home arena.

The makeover of Quicken Loans Arena would include more space for dining and gathering.

The cost of renovations to the concert and sports venue is being split by the city, the team, Cuyahoga County, and a convention and visitors bureau. The final total is expected to be roughly double the initial $140 million price tag, mostly because of interest over the next two decades.

Cleveland’s share is an estimated $88 million over 11 years, starting in 2024. Mayor Frank Jackson signed off on that Tuesday.

The county already approved the deal and agreed to sell bonds for the project.

The team committed to extend its lease at the arena to 2034.

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