MIAMI (CBSMiami) – The Miami Dolphins are one step closer to a stadium deal.
On Tuesday, Miami-Dade Mayor Carlos Gimenez’s Office signed a new stadium agreement with the Miami Dolphins organization, according to Michael Hernandez with the mayor’s office. The agreement now goes to commissioners who will decide if it will first go to a committee to look over it or directly to the full commission for a vote.
According to terms of the deal, the Dolphins organization would be responsible for paying for approximately $350 million to $400 million in repairs and upgrades. They will also continue to pay property taxes.
In exchange, the county would pay the team up to $5 million a year for luring events to the stadium like Super Bowls, World Cup Games and college football championship game.
For example, a Super Bowl or World Cup Final would be worth $4 million, while a World Cup match and a college football championship would be worth $3 million. The money, which would come from the county’s hotel tax revenue, would be paid after the event is over. There is also a yearly cap of $5 million. So if the team managed to lure a Super Bowl and a World Cup match to the stadium in the same year, the county would only be on the hook for $5 million.
The payments go into effect in 2024 so that the county has time to build up its hotel-tax reserve which has been drained due to the countywide budget crunch.