Gateway Approves $24 million for Rocket Mortgage Fieldhouse Repairs, but Funding Questions Remain
New escalators and elevators will add to the escalating cost of repairs at Rocket Mortgage Fieldhouse (RMFH). And it's not clear where the money will come from. The non-profit Gateway Economic Development Corp. unanimously approved $24.4 million in repairs to the arena at a board meeting on Wednesday, Aug. 9. Gateway is responsible for all major capital repairs to RMFH that exceed $500,000, but it's unclear where the money to cover all $24 million will come from.
Gateway relies on sin tax revenue to pay for arena and stadium repairs, and the tax was projected to raise about $92 million for both RMFH and Progressive Field through 2034. But the county has spent all but about $10 million of that total on previous RMFH repairs, meaning the city and county will need to find a way to pay for the remaining $14.4 million.
Gateway officials did not say where the money would come from.
Wednesday's total includes $7.9 million to upgrade the facility's 29-year-old elevators and escalators, which the Cavaliers said have reached the end of their useful life.
"The current elevator control systems are all obsolete, which isn't a problem, the elevators still run — until a major component goes where you can't get a replacement," consultant Bill Schirmer told the board. "Now that elevator is down and out of service for probably a year."