CHICAGO -- A crucial test of the financial feasibility of a bond-financed baseball stadium in Cleveland began this week when officials kicked off a marketing drive to sell $20 million of luxury seat and suite leases by Jan. 15.

The seating leases are needed to satisfy financing requirements contained in a lease agreement signed this summer by the Cleveland Indians baseball team and the Gateway Economic Development Corp. That lease agreement is an integral component of escrow release conditions governing $31 million of stadium revenue bonds issued last year by Gateway.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.