According to a news release, the agreement provides an inflation-adjusted operating subsidy from the County’s Convention Development Tax fund to the arena during the 10-year extension term that will total $147 million.
"By any measure, the partnership between the Miami Heat and Miami-Dade County has been a hugely successful one," Heat owner Micky Arison wrote in a statement. "Today, we are committing to keep that success going."
But Miami mayor Carlos Gimenez said there are still issues that need to be worked out and a deal is far from complete.
"We don’t have a deal that I’m recommending,’’ Gimenez said via the Miami Herald. “It’s unfortunate the Heat put this out now.”
According to the paper, those who run the American Airlines Arena would pay Miami-Dade a yearly rent that would begin at about $500,000 this year and top out at $1.5 million in 2040.MAHONEY: Why your team will (or won’t) win the title