Hall of Fame Resort & Entertainment Company Receives $15.8 Million Transformational Mixed-Use Development (TMUD) Tax Credit Award
CANTON, Ohio – Dec. 7, 2022 – Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) (the “Company”), the only resort, entertainment and media company centered around the power of professional football, today announces it has received a $15.8 million Transformational Mixed-Use Development (TMUD) tax credit award from the Ohio Tax Credit Authority and the Ohio Department of Development for the construction of its football-themed waterpark and Hilton Tapestry Hotel located at its Hall of Fame Village.
The Ohio TMUD is designed to support the new construction and/or improvement of vacant buildings that will have a transformational economic impact on the site and the surrounding area. Hall of Fame Village received the highest amount the company was eligible for within its designated category under this highly competitive tax credit award program and was one of only 12 projects awarded for 2023.
“We are incredibly excited to have been selected to receive this tax credit award, which by its very nature is further evidence of the state’s confidence in the significant economic impact the Hall of Fame Village is having on Stark County and the entire region,” shared HOFV Chief Financial Officer Benjamin Lee. “Over the past several years, our team has worked diligently and tirelessly alongside governmental and community leaders, making the case and executing the gameplan. This support is an important piece of our financing model that allows us to responsibly bolster our capital stack without incurring additional debt.” Lee went on to say, “there is tremendous momentum around the entire project that reflects that work and the impact that it is already having within our communities. The power of the economic engine that we are building will be felt for many years to come and we want to share our thanks not only with the Ohio Department of Development, but with our entire support network, including our internal finance team, and the civic and civil entities and leaders that have been on the field and in the game with us from the start.”
About Hall of Fame Resort & Entertainment Company
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Hall of Fame Resort & Entertainment Company is the owner of the Hall of Fame Village powered by Johnson Controls, a multi-use sports, entertainment and media destination centered around the Pro Football Hall of Fame’s campus. Additional information on the Company can be found at www.HOFREco.com.
Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words and phrases such as “opportunity,” “future,” “will,” “goal,” “enable,” “pipeline,” “transition,” “move forward,” “towards,” “build out,” “coming” and “look forward” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors that may affect actual results or outcomes include, among others, the Company’s ability to manage growth; the Company’s ability to execute its business plan and meet its projections, including obtaining financing to construct planned facilities; potential litigation involving the Company; changes in applicable laws or regulations; general economic and market conditions impacting demand for the Company’s products and services, and in particular economic and market conditions in the resort and entertainment industry; the effects of the ongoing global coronavirus (COVID-19) pandemic on capital markets, general economic conditions, unemployment and the Company’s liquidity, operations and personnel; increased inflation; the inability to maintain the listing of the Company’s shares on Nasdaq; the potential impacts of a reverse stock split; and those risks and uncertainties discussed from time to time in our reports and other public filings with the SEC. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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