In the Marlins deal, the Parking Garage and the Stadium are OWNED by the public. Using public money for a venue owned by the public makes more sense than paying for refurbishing of a stadium owned privately by a multi-billionaire. From the Miami Herald:
The Dolphins would use public dollars to pay for 49 percent of the renovation for the team’s privately owned stadium. The Marlins deal used public dollars for 75 percent of the new baseball stadium and parking complex, both of which are government owned.
So Commissioners if you think the Marlins deal was bad, you had better be buying shares in the stadium for the public because without that, the Dolphin stadium will be a big loser for the public interest.
Also, how about this, any funds from the NFL has to go to the county not the team owner? If he agrees to pay 50% let him pay the WHOLE 50%. He should reimburse the county for any funds over that. However, that will never happen because he will think up more things to refurbish to use up any extra money.
I think the Commissioners are on a slippery slope with this one. The Dolphins can just go so far with their PR.
7 comments:
I we pay half, we should get half ownership of the stadium and half profits. Any private investor would expect the same return.
ridiculous unnecessary corporate welfare. And yes, profit sharing, or at the very least HOLD THEM TO WHAT THEY SIGN. See the Heat and the unfulfilled promises they made with the AAA...
Both sports team deals stink.
A majority of the 13 commissioners, 8 or 9 depending on how you count, voted to divert the taxpayers money to the privately owned Marlins. With the interest on the bonds and the value of the 40 acres provided at no cost to the Marlins, the cost to the taxpayers will far exceed $3 Billion for the Marlins Stadium and Garage. So far the Marlins have paid NOTHING except some legal fees for expensive NY lawyers. The Marlins keep 100% of all revenues.
I agree with you GoD. Gimenez and Company are actually increasing taxes to renovate a privately owned facility. Say what you will about the horrible equity partnership on the Marlins deal, Alvarez and Burgess did not ask the Legislature for a tax increase to make it happen. It was all done by pledging existing revenue streams.
If Gimenez wants a tax increase, it should be for a generic tourist tax increase...that allows broader discretion in the use of the revenues (sports facilities AND convention, exhibition halls,conference centers, transit,etc...). By asking for a tax increase on the specific Professional Sports Facilities bed tax, they are only positioning to argue that the money can not be used for anything except a Professional Sports Facility. Lame.
Raising taxes on Miami mainland hotels puts our downtown hotels at a price disadvantage to Broward and the Beaches.
Making residents and visitors pay an increased tax simply takes money away from local hotel owners and the 100,000 employees who work in the hospitality industry. The truth is that billionaire 72 year old Steve Ross can pay for the renovations himself.
Why not subsidize Dadeland Mall? I mean, that privately owned entity attracts lots of Brazilians and Columbians who come there to shop, creating a vibrant local economy for that area.
After we subsidize Dadeland Mall, lets talk about Casinos. That could be amazing! Taxpayers need to get in on all these deals.
Wait...what? We don't get to share the profit? OK, never mind. I guess Dadeland Mall is working out for us without the subsidies.
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