The Real Deal Miami

Slam dunk: Heat arena deal easily approved

Miami-Dade commissioners agree to additional subsidies in exchange for parks donation
June 04, 2014 10:30AM

AmericanAirlines Arena

AmericanAirlines Arena

While the Miami Heat prepare to take on the San Antonio Spurs in the National Basketball Association Finals, the team’s front office scored a major victory in County Hall on Tuesday.

Miami-Dade commissioners approved a new AmericanAirlines Arena lease for the Heat by a 10-2 vote. Under the agreement, the team must give the county $1 million for its parks in exchange for an additional five years of operating subsidies. The county will continue to provide the Heat with $6.4 million in hotel taxes annually until 2030, when the contribution rises to $8.5 million for five years.

A profit-sharing deal that was a component of the original 1997 arena lease is retired in the new agreement, according to the Miami Herald.

“There is not enough money out there to spend to get the publicity the Heat brings this community,” Commissioner Bruno Barreiro said during Tuesday’s meeting. [Miami Herald]Eric Kalis