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NFL owners OK up to $10 million investment in Hall of Fame Village

The Canton Rep
By Alison Mata

This would be the NFL’s first investment in Johnson Controls Hall of Fame Village.
Johnson Controls Hall of Fame Village could get up to $10 million from the NFL.

At the league’s fall meeting this week, owners voted to invest up to $10 million for the development of the project, NFL spokesman Brian McCarthy said. The league received authorization to move forward with the contribution but will need to complete due diligence. There is no timeline for the donation, and a more specific amount was not given.
The investment would be the NFL’s first in the Village project. The late New Orleans Saints owner Tom Benson gave $11 million to the development — mostly for the stadium that is named for him — but there has not been a league-wide contribution.
The first phase of the Village included Tom Benson Hall of Fame Stadium, several youth fields and the development of the media arm of the company at a cost of $250 million, according to investor documents filed with the U.S. Securities and Exchange Commission.
The second phase of construction is estimated at $268 million and will include two hotels, more youth fields, a field house with convention space, an office building, retail, and an indoor water park. Building is expected to start at the end of 2019 or in early 2020.
The company that owns the Village is expected by the end of the year to complete a merger with Gordon Pointe Acquisition Corp. The move will create a publicly traded company called Hall of Fame Resort and Entertainment Co., pay down the Village’s debt and allow the new company to start with cash on hand.
As of September, the Gordon Pointe trust had $115.7 million and was expected to grow to $117 million by the time the merger finalized, according to documents filed with the SEC.
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