The Miami Heat is taking on the San Antonio Spurs in the NBA finals, but they're not the only ones taking on a major challenge. The Heat's front office was successful in the County Hall on May 3.
County commissioners approved a new AmericanAirlines Arena lease for the Heat with a 10-2 vote.
The agreement is, the team must provide the county with $1 million for its parks, then the county will grant an additional five years to the lease.
Miami-Dade county will keep providing the Heat with $6.4 million in hotel taxes every year until 2030, when the provision increases to $8.5 million for five years.
A profit-sharing deal that was part of the original arena lease in 1997 was not renewed in the new deal.
Source: therealdeal.com
Photo credit: AmericanAirlines Arena - Wikipedia.org, Miami Heat logo - Wikipedia.org, Micky Arison - Wikipedia.org