Previous financial scheme for the Sun Life revamp failed. Now Miami-Dade mayor announced a new deal with the Dolphins’ owner is almost ready for signing. But can it go through?
As we wrote in March, the redevelopment of Sun Life Stadium was going to be financed by billionaire Stephen Ross, owner of the Dolphins. However, after finishing works, he was going to transfer the stadium to local authorities, not having to pay taxes for the building any more.
The scheme failed to gain support, though it was strongly endorsed by Miami-Dade mayor Carlos Gimenez. Now the mayor announces he’s close to a new deal with the Dolphins. This time the team would be given a new ‘compensation’ for financing the $400 million revamp of Sun Luve Stadium.
This time the team would be given a new ‘compensation’ for financing the $400 million revamp of Sun Life Stadium.
The end result, as Miami-Dade County Mayor Carlos Giminez explained to CBS Miami, entails certain grants/incentives that will be made available if/when Ross lures the Super Bowl and similar attractions to town with renovations he pays for out of his own very deep pockets.
“If he brings certain marquee events in, we could give him grants for bringing that in,” Gimenez said. “But the grants are much smaller than the economic impact of that event.”
In practice this means that Dolphins might receive $4 million per large event, like the Super Bowl. This money would come from tourist tax, again meaning significant contribution by taxpayers.
The mayor told Miami Herald news partner WFOR-CBS4 on Friday that he expects to have a deal ready for county commissioners to vote on “in a couple of weeks.’’