MDM Development Group on Monday will meet with Miami city commissioners and propose its revised plan to build a publicly subsidized hotel and convention center on the site of the old Miami Arena.
It will be the second time since March that Miami-based MDM meets with city commissioners in their capacity as board members of the Southeast Overtown Park West Redevelopment Agency.
The last time commissioners rejected as one-sided MDM’s initial proposal to build a publicly subsidized convention center with a meeting facility spanning 600,000 square feet and a 1,700-room hotel.
Under MDM’s revised development proposal, the City of Miami would return 65 percent of the property tax on the development to the company. The total annual property tax bill is estimated at $6 million. The deal would be worth as much as $115 million in future property tax rebates.
Among other commitments in return for the tax subsidies, MDM would pay $100,000 annually for three years to the Southeast Overtown Park West Redevelopment Agency to identify local minority vendors for the convention center. MDM also would pay $100,000 annually for 25 years to support a culinary institute the agency operates.
Without tax subsidies, MDM executives contend they would be forced to build a smaller, lower-impact convention center complex on the site of the old Miami Arena, the original home of the Miami Heat basketball team and the Florida Panthers hockey team. It was demolished in 2008. [Miami Herald] — Mike Seemuth