Asked in an email exchange with Crain’s to break down that number, CSL president Bill Rhoda said the figure includes between $40 million and $45 million generated by the Republican National Convention. In addition, in the text that supports the financial impact analysis that came up with that $245 million, CSL notes that, “it is estimated that approximately 25 to 30 percent of the direct spending … would take place locally regardless of the presence of the Arena and Team.”But yeah, let's trust the Cavs.
That’s money that would be spent on restaurants, movie theaters or other entertainment venues instead of on basketball tickets and hot dogs if the city had no basketball team.
So, subtracting $40 million in RNC spending and reducing the direct spending figure by another $61 million (25% of the $245 million) that would mean that $144 million is a more accurate figure of the future financial impact of Quicken Loans Arena on the community. That 59% reduction [Editor's note: Pretty sure Jay means 41% reduction here], in turn, would reduce as well the $44 million in annual tax revenue the study said would be returned to the city and county annually, a key argument being used to generate support for the public outlay.
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