APPROVED!!!
MIAMI (CBSMiami) – The Miami-Dade commission has a approved a deal with the Miami Dolphins organization concerning modernization and upgrades to Sun Life Stadium.
Miami-Dade County Commissioners voted 7 to 4 to approve Mayor Carlos Gimenez’s plan in which the county will pay the Dolphins millions of dollars for hosting the Super Bowl and other major sports events.
“I want to thank the Board of County Commissioners and Mayor Gimenez for approving this unique and creative plan to bring Super Bowls and other marquee events to Miami-Dade County. We have one of the world’s most aspirational cities and as such, deserve a stadium that will provide significant economic impact to Miami-Dade County,” said team owner Stephen Ross in a statement. “This will not only secure the future of the Dolphins, but will ensure that Miami has one of the world’s best venues to host events of this magnitude going forward.“
According to terms of the deal, the Dolphins organization will be responsible for paying for approximately $350 million in repairs and upgrades without any additional money from the county. The Dolphins will also continue to pay property taxes, which is about $4 million a year.
In exchange, the county will pay the team $4 million for each Super Bowl hosted at Sun Life Stadium and $3 million if the college football national championship is played at the stadium.
A college play-off game, which Sun Life is slated to host every three years under the new Bowl Championship Series system, will bring in bring $2 million, while smaller sporting events generating 55,000 ticket sales — such as an international soccer match — will bring the Dolphins $750,000.
Should Miami ever land a World Cup soccer match, a championship would be worth $4 million for the Dolphins, and a semi-final $3 million.
The money will come from the county’s hotel tax revenue and be paid after the event is over. There is also a yearly cap of $5 million. So if the team managed to lure a Super Bowl and a World Cup match to the stadium in the same year, the county will only be on the hook for $5 million.
The payments go into effect in 2024 so that the county has time to build up its hotel-tax reserve which has been drained due to the countywide budget crunch.
As part of the bonus arrangement, Ross will sign the Dolphins to remain in Miami-Dade for the next 30 years.