Deal paves way for Miami Beach Convention Center hotel

Miami /
Jul.July 02, 2014 05:15 PM

Everybody could use a little extra time to pay their bills every now and again. Miami Beach commissioners approved a memorandum of intent between the city and Miami-Dade County, which would help the county close the gap on a budgetary shortfall. The move would also drive county incentives to the city for a new convention center headquarters’ hotel.

Prior to the memo, the county was to allocate $18 million and $18.5 million in fiscal 2014-2015 and 2015-2016 to the City of Miami Beach. The proposed change extends this payment period by one year, balancing out in fiscal 2021-2022 instead of 2020-2021.

In exchange, Miami-Dade County will set aside $1.5 million yearly for 30 years from available convention development taxes to fuel the city’s eligible convention center tax projects. In addition to the funding, which will begin a year after completion of the hotel, commissioners will contribute the 1 percent resort tax collected from the hotel toward any convention center debt amortization.

County and city commissioners agreed that the rescheduling of payments is dependent upon the execution of all terms within the memorandum. [Miami Times-Kerry Barger


Related Articles

arrow_forward_ios
Lil Wayne and 6480 Allison Road in Miami Beach (Getty Images, Become Legendary/Douglas Elliman Realty)
Lil Wayne lists Miami Beach mansion for $30M
Lil Wayne lists Miami Beach mansion for $30M
Moto Capital Group's Marcos Lima with 350 Ocean Drive (Loopnet, LinkedIn, Getty)
Toronto firm picks up Ocean Drive hotel for $39M
Toronto firm picks up Ocean Drive hotel for $39M
Deerwood Town Center at 12085-2107 Southwest 152nd Street in Miami-Dade County, One Biscayne Tower at 2 South Biscayne Boulevard in Miami and 2990 Ponce office building in Coral Gables with Gildenson Real Estate's Eduardo Gildenson and CP Group’s Angelo Bianco (Google Maps, Gildenson Real Estate, CP Group)
Lease roundup: Quest takes space at One Biscayne Tower & more
Lease roundup: Quest takes space at One Biscayne Tower & more
Codina Partners’ Armando Codina and Ana-Marie Codina Barlick with 5350 Park condo project (Codina Partners, Getty)
Judge orders Codina Partners’ affiliate to pay Grycon $8M in damages
Judge orders Codina Partners’ affiliate to pay Grycon $8M in damages
John Howard Kunkel with 1030 Stillwater Drive (LinkedIn, Google Maps)
50 Eggs restaurateur John Kunkel buys waterfront Miami Beach home
50 Eggs restaurateur John Kunkel buys waterfront Miami Beach home
1600 Northeast Second Avenue (Loopnet, Getty)
Sabet buys development site in Miami’s A&E District
Sabet buys development site in Miami’s A&E District
Red South Beach at 3010 Collins Avenue, Tom Assouline and August “Gussie” Busch (Instagram/gussiebusch, Google Maps, Getty)
Busch family partners with Assouline Capital to buy Red South Beach hotel
Busch family partners with Assouline Capital to buy Red South Beach hotel
Truist Securities' John Gregg with 7600 Northwest 82nd Place (Truist Securities, JLL)
Hot deal for cold storage: Truist buys, leases back Quirch Foods’ Medley site
Hot deal for cold storage: Truist buys, leases back Quirch Foods’ Medley 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...