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County Agrees To Give BankAtlantic Center A Short-Term Loan
Published June 9, 2010
|Broward County Will Loan BankAtlantic
Center $7.5M Over Next Three Years
Broward County (FL) Commissioners yesterday "agreed in principle to provide a short-term 'internal loan' of $7.5 million over the next three years" to Sunrise Sports & Entertainment's Arena Operating Co, according to Sarah Talalay of the South Florida SUN-SENTINEL. The loan will provide the SSE subsidiary, which operates BankAtlantic Center, with $4M this year, $2.5 next year and $1M in '12, with the total "to be repaid along with the county's loss of interest between 2013 and 2015." The loan "would be covered by the over-collection in Tourist Development Tax (hotel bed tax) dollars that were raised 2 percent to help pay" for the arena. The Arena Operating Co. had proposed to "cut its annual payments" by $2.5M annually through '16, and then raise them by about $1M a year starting in '17. Talalay noted as a requirement of the new loan, the Panthers "agreed to reduce the profit level needed for the arena profit sharing arrangement to take effect," from $14M to $12M. That means that "any dollars in profit more than $12 million, which is kept by the team, are split" with the team receiving 80% to the county's 20%. So far, the profit sharing agreement has "kicked in just once -- in the first year, when the county received $364,000." SSE also "will need to provide annual consolidated operating budget and financial statements for the team and Arena Operating Co." (SUN-SENTINEL.com, 6/8).