Developers of Johnson Controls Hall of Fame Village finalizing one-year bridge loan agreement to cover outstanding construction costs.
CANTON Local contractors who helped build Tom Benson Hall of Fame Stadium soon will be paid the millions they are due in wages.
Developers of Johnson Controls Hall of Fame Village are working on a one-year bridge loan agreement that would cover the outstanding costs from the stadium, which was dedicated in August.
The Stark County Port Authority on Thursday met to consider documents that would facilitate the agreement, but postponed a vote until more of the board could be present and the board had documentation that showed how much remains to be paid.
Port authority board members had not seen the loan agreement, but said it is expected to cover substantially more — possibly up to $100 million — than what contractors are owed.
The financing is coming from Great American Capital Partners, a finance company located in the same Los Angeles suite of offices as Industrial Realty Group, the master developer of the stadium and the Village.
Village developers would be on the hook for repaying the loan. The tax-exempt port authority is involved because it serves as the pass-through organization for project financing and leases the stadium to the developers.
Contractors who worked on the second phase of the stadium began filing liens against developers at the beginning of the year. As of Thursday, 16 companies were seeking $8.3 million. Developers already had made payment to United Glass and Panel Systems for $165,098, according to public records.
See the liens here (Source: Stark County Recorder's Office records)
The north stands of the stadium opened in 2016, and the south stands and west end zone finished in 2017. Original projections for the cost of the stadium ranged from $80 million to $100 million, but the final price tag was more than $150 million, developers have said. Financing documents, obtained by The Canton Repository through a public records request, show most of the capital was expected to come from the developers and the Village naming rights deal with Johnson Controls.
During Thursday's meeting, board member Susie Steiner asked how costs were able to skyrocket with someone monitoring the project.
"Just look at the stadium," board Chairman Roger Mann replied.
Part of the discussion at Thursday's meeting involved an investment banking group described as having access to significant domestic and foreign capital. Mann said he thinks people involved with the project "are putting a lot of faith" in that group and that a certified public accountant from its team has moved to Stark County.
The board then decided to continue the conversation in executive session for the purpose of conferencing with an attorney regarding disputes.
Officials with the Hall have identified financing to continue building the Village — Pro Football Hall of Fame President David Baker now calls it a billion-dollar endeavor — but have not announced a deal.
The Village is expected to be ready in time to play a role in the NFL's centennial celebration in September 2020.
Reach Alison at 330-580-8312 or alison.matas@cantonrep.com.
On Twitter: @amatasREP