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Canton, Ohio, December 7, 2022 /PRNewswire/ — Hall of Fame Resort & Entertainment Company (NASDAQ: HOFVHOFVW) (the “Company”), the only resort, entertainment and media company centered around the power of professional football, today announced that it has acquired $15.8 million The Ohio Office of Tax Credits and the Ohio Department of Development received a Transformational Mixed-Use Development (TMUD) Tax Credit Award for the construction of the football-themed water park and Hilton Tapestry Hotel in Hall of Fame Village.
TMUD Ohio is designed to support new construction and/or renovation of vacant buildings that will have a transformational economic impact on the site and surrounding area. The Village of Fame receives the highest amount a company is eligible to receive in its designated category under this highly competitive tax credit award program and is one of only 12 projects in 2023.
“We are extremely pleased to have been selected for this tax credit award, which in essence is further evidence of the state’s confidence in the significant economic impact that the Village of Fame will have stark county and across the region,” shared HOFV CFO Benjamin Lee“Over the past few years, our teams have worked tirelessly alongside government and community leaders to make the case and execute the game plan. This support is an important part of our funding model, allowing us to responsibly Strengthening our capital stack without incurring additional fee debt.” Lee continued: “There is tremendous momentum in the entire project, reflecting this work and the impact it is already having in our communities. The economic engine we are building The strength of this will be felt for many years to come, and we would like to express our gratitude not only to the Ohio Development Department, but to our entire support network, including our internal finance team, and from the beginning.”
About Hall of Fame Resorts & Entertainment
Hall of Fame Resorts & Entertainment (NASDAQ: HOFV, HOFVW) is a resort and entertainment company that, in partnership with the Pro Football Hall of Fame, harnesses the power and popularity of professional football and its legendary players.Headquartered in Canton, Ohio, Hall of Fame Resorts and Entertainment is the owner of Hall of Fame Village, a multi-use sports, entertainment and media destination centered on the Pro Football Hall of Fame campus, backed by Johnson Controls.For more information about the company, please visit www.HOFREco.com.
forward-looking statement
Certain statements 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 can be identified by use of words such as “opportunity,” “future,” “will,” “goal,” “enabling,” “pipeline,” “transition,” “forward,” “towards,” “build,” “coming soon” ” and “outlook” are expressions that predict or indicate future events or trends, or are not statements of historical events. 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, could cause actual results or results to differ materially from those discussed in the forward-looking statements. Important factors that could affect actual results or results include, among others In addition, the Company’s ability to manage growth; the Company’s ability to execute its business plan and achieve its forecasts, including obtaining financing to construct planned facilities; potential litigation involving the Company; changes in applicable laws or regulations; General economic and market conditions, in particular those of the resort and entertainment industries; the impact of the ongoing global coronavirus (COVID-19) pandemic on capital markets, general economic conditions, unemployment rates, and companies’ liquidity, operations and personnel increased inflation; the inability to maintain listing of the Company’s stock on Nasdaq; the potential impact of a reverse stock split; and those risks and uncertainties discussed from time to time in our reports and other public filings with the Securities and Exchange Commission The company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Hall of Fame Resorts and Entertainment
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