Cleveland Museum Set to Receive $90 Million in Bonding

The Cleveland Museum of Art’s massive $258 million expansion project could be financed in part by bonds issued by the city’s Committee for Regional Economic Advancement, under a plan recommended by that body this week. The CREA, which also helped finance construction of the Rock ‘n Roll Hall of Fame and the Cleveland Browns’ football stadium, would float $90 million in bonds through the Cleveland port authority, and the museum would be responsible for repaying the loan as it receives money pledged by private donors for the expansion. The museum is stressing that it would not use its collection as collateral for the bonds.