Commission President Peter Lawson Jones said, "Now that our primary partnerships with MMPI and the City of Cleveland have been confirmed in contract language, it's full speed ahead."
Mayor Frank Jackson said, "It will create opportunities for new business and new jobs and can transform downtown Cleveland."
Commissioner Tim Hagan said, "Now we can move ahead with this important project that we hope will revitalize the county and its core city."
The county will pay the city $20 million.
If the county sells the naming rights to the project or the city sells the naming rights to Malls B or C, then the county or city shall pay the other 50 percent of funds received.
The plan for the project includes demolishing the 1964 addition to the Public Auditorium and the physical separation of the connection between Public Auditorium and the Convention Center to allow the buildings to be an integrated facility.
The city will renovate and upgrade portions of Public Auditorium to address its future use and coordination with the new Convention Center.
The city will use money from the purchase price toward the renovation. The city will coordinate renovations with the county and MMPI.
The county has agreed to restore the stairs at the northwest corner of the site and address the use of those stairs once the project reopens to support events at Cleveland Browns Stadium or north of the railroad tracks.
The new project is set to open in 2013.