Miami Heat and Mayor Reach New Stadium Deal With New $1 Million Rent
In the 14 years of American Airlines Arena, Miami-Dade County has only received $270,000. That's about to change. Mayor Carlos Gimenez and team owner Micky Arison have reportedly reached an agreement that will see the team paying $1 million-a-year to the county's parks department. The agreement will also keep the Heat in the arena until at least 2035.
Phot by Bob B. Browns via Flickr | CC2.0
AAA is owned by the county, though the team paid for its construction. The current complicated revenue-sharing system was tilted in favor of the team, with the Heat paying the county no money until last year's $270,000 payment.
According to the Miami Herald, the profit-sharing system would be ended and the team will now "donate" $1 million a year (including a back payment for 2013) to the parks department.
However, the team's county subsidies will also increase under the new deal. The team currently receives a $6.4 million subsidy. That will increase by $2 million between 2031 and 2035.
The city commission must still vote to approve the plan, and Gimenez is rushing to get it before the council before next Tuesday's meeting. Though, several commissioners told the Herald that they question the rush, and don't relish reading the approximately 500-page deal in time for Tuesday's meeting.