Miami Condo Market and Lifestyle Updates
A Slam Dunk Deal Renews the Miami Heat's Arena Lease

A Slam Dunk Deal Renews the Miami Heat's Arena Lease

by Sep Niakan | 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.

 

Source: therealdeal.com

Photo credit: AmericanAirlines Arena - Wikipedia.orgMiami Heat logo - Wikipedia.orgMicky Arison - Wikipedia.org

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