A Slam Dunk Deal Renews the Miami Heat's Arena Lease
Jun 09, 2014 June 09, 2014
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.