Here’s the Miami Herald with some Heat arena news:
The Miami Heat would receive $42 million in subsidies to play at the AmericanAirlines Arena for an extra five years and end a profit-sharing arrangement in favor of $23 million in payments to Miami-Dade’s parks department, under a deal reached by Mayor Carlos Gimenez and owner Micky Arison.
Miami-Dade would retain its ability to profit from the arena’s naming-rights agreement once the current deal with American Airlines expires in 2020, though the arrangement includes a provision to resolve disputes over how much of that sponsorship windfall would go to the county and how much would stay with the team, Gimenez said Friday.
While Arison was seeking a 10-year extension through 2040, Gimenez said the proposed deal only secures the team through 2035 out of fear the higher subsidies would cut into hotel taxes needed to pay off massive payments due from the 2009 Miami Marlins deal. Under the proposed agreement, Miami-Dade’s current $6.4 million subsidy to the Heat would increase by $2 million a year between 2031 and 2035.
