The Miami Dolphins would receive about $7.5 million a year in hotel taxes to renovate Sun Life Stadium under a deal endorsed by Miami-Dade Mayor Carlos Gimenez late Monday night. Now, the agreement faces a countywide referendum.
County commissioners are expected to convene Wednesday to endorse the deal and send it on to the countywide vote on May 14, a week before NFL owners meet to award Super Bowls 50 and 51. The Dolphins have agreed to forgo county money if one of the games is not awarded to the Miami Gardens stadium.
“This is really about bringing marquee events to Miami-Dade,’’ Gimenez said after the deal was struck, shortly after 10 p.m. “This is a very, very favorable deal when you compare it to other stadium deals around the country."
The Super Bowl proviso is one of several potential penalties in the deal that Gimenez and team executives outlined after a marathon negotiating session that kept both sides in County Hall for 23 hours.
"This is really an investment in economic development,’’ team CEO Mike Dee said. “We said this would be a business deal."
Dee and Gimenez described the rough outlines of a deal that will be presented in detail to county commissioners Tuesday morning. Among the terms: Miami-Dade would increase its mainland hotel tax to 7 percent from 6 percent, and give the Dolphins 75 percent of the new revenue up to $7.5 million a year in Year One. Each year, that dollar cap would increase by 3 percent. The payout would expire in 26 years.
At the end of 30 years, the Dolphins would refund between $110 and $120 million to the county — Miami-Dade’s estimated share of a renovation project that would cost at least $350 million.