The Dolphins have agreed to repay the State of Florida for its contribution to help fund the modernisation of Sun Life Stadium. The Florida Legislature is considering a bill to provide $3 million a year to help fund the modernisation by providing a sales tax rebate on goods and services sold at the stadium.
We are not only committed to bringing Super Bowls, BCS Championships and international soccer to Miami by modernising Sun Life Stadium, but we are also committed to crafting a fair and advantageous agreement for taxpayers,
Today, we have taken a huge step towards those goals by agreeing to pay the State of Florida back the money used to finance the construction project. Combined with the proposed repayment to the county, we have now committed to repaying $167 million in public funds – an unprecedented step certainly here in Florida and perhaps nationally.
The Dolphins have:
• Conditioned final approval of the stadium project on landing a Super Bowl for Sun Life Stadium at the NFL owners’ May 22nd meeting;
• Agreed to pay for the costs of the referendum in May to save taxpayers money, if legal;
• Agreed to repay $120 million to the county, which is the principal amount from the tourist tax to help finance the project;
• Agreed to pay up to $100 million in penalties if Sun Life Stadium doesn’t attract Super Bowls, BCS games, international soccer matches and other similar events over the next 30 years; and
• Agreed to sign a 30-year non-relocation agreement to keep the team in Miami-Dade
We look forward to working with Mayor Gimenez and the Commission to finalise our agreement and schedule the referendum to vote on this unprecedented public-private partnership where the Dolphins will pay more than a majority of the costs, repay approximately $167 million to the state and county, and pay for 100 percent of any cost overruns during construction,”