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MIAMI SPORTS AUTHORITY COUGHS UP $9M JUST IN CASE
Published June 12, 1996
The Miami Sports and Exhibition Authority may pay an additional $9M towards a new $165M Heat arena so that Dade County will not have to dip into its general fund, according to the MIAMI HERALD. The Authority will now pay $24M total, with the $9M held in reserve should Dade's other cash sources, such as tourism revenue, fall short. Even with extra $9M, Dade will pledge $7M from sales tax proceeds as backup. Metro Dade Commissioner Katy Sorenson, an arena opponent, said the plan "has gotten a little bit better," but added, "Let the Heat build its own arena. It can well afford to do so" (Don Finefrock, MIAMI HERALD, 6/11).