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MIAMI COMMISSION HEARS FINANCING PROPOSALS FOR NEW ARENA
Published October 18, 1995
Miami Metro Commissioners yesterday received a financial report on ideas to pay for a new $160M arena for the Panthers and the Heat, with a "main source" of revenue a one-cent hotel bed tax hike that could raise $60M. However, a MIAMI HERALD poll of the 13-member board found that four liked the idea, three didn't know, while six were opposed. Other financing options include $27M in state sales tax rebates the Panthers are eligible for as a new sports team, giving the Heat the same rebate, a $1 surcharge to any event in the new arena, and setting up a special taxing district around the facility. Panthers Owner Wayne Huizenga has said if there is no arena plan by October 31, he will sell the team or move it (Karen Branch, MIAMI HERALD, 10/18).