Pro football team the Miami Dolphins and Miami-Dade Mayor Carlos Gimenez have reached an “unprecedented” deal to renovate the Sun Life Stadium, according to an announcement last night by team owner Stephen Ross, NBC Miami reported. The deal stipulates that the Dolphins will foot 70 percent of costs, estimated at around $389 million.
Commissioners are slated to meet today regarding the partnership, and if both sides agree on the plan, it will head to a May 14 vote.
“When the people of Miami-Dade go to the polls, we are confident they will support this partnership, where the Dolphins will pay approximately 70 percent costs, will repay approximately $167 million to the state and county, will pay for 100 percent of any cost overruns during construction, and will be committed to staying in Miami-Dade for the next 30 years,” Ross told NBC in a statement.
Miami-Dade County will up its hotel tax rate to 7 percent from 6 percent under the deal — 75 percent of the tax revenue will go to the Dolphins. The first year is expected to bring them $7.5 million, with a 3 percent annual cap each following year. [NBC Miami] —Zachary Kussin