Slam dunk: Heat arena deal easily approved

Miami /
Jun.June 04, 2014 10:30 AM

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


Related Articles

arrow_forward_ios
Coral Rock Development Group’s Stephen Blumenthal, David Brown, Victor Brown and Michael Wohl with rendering of Card Sound Key Apartments
Coral Rock plans mixed-income rental complex in Florida City
Coral Rock plans mixed-income rental complex in Florida City
Treo Construction's Ricardo Halfen and 422 Golden Beach Drive
Homebuilder sells waterfront Golden Beach spec house for $15M
Homebuilder sells waterfront Golden Beach spec house for $15M
Miami Skyline
South Florida by the numbers: A look back at 2022
South Florida by the numbers: A look back at 2022
Arte Surfside at 8955 Collins Avenue
Arte Surfside closing tops Miami-Dade weekly condo sales
Arte Surfside closing tops Miami-Dade weekly condo sales
Z Capital’s James Zenni Jr. with Carillon Miami Wellness Resort at 6801 Collins Avenue
Carillon Miami Beach condo owners win suit over Z Capital’s “dictatorship”
Carillon Miami Beach condo owners win suit over Z Capital’s “dictatorship”
John Ruiz with 530 Arvida Parkway
John Ruiz sells waterfront Gables Estates home for discounted $30M
John Ruiz sells waterfront Gables Estates home for discounted $30M
1800 West Indiantown Road in Jupiter, PGIM's Eric Adler with 12503-12681 Miramar Parkway in Miramar and Orion Real Estate Group's  Kevin Sanz with 13605-13619 South Dixie Highway in Pinecrest
South Florida retail vacancies drop, rents rise in the fourth quarter
South Florida retail vacancies drop, rents rise in the fourth quarter
The Development site at 9163-9165 Collins Avenue in Surfside with Fort Partners' Nadim Ashi
Fort Partners pays $42M for Surfside condo development site
Fort Partners pays $42M for Surfside condo development site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...