A's Settle 10-Year Lease Extension With Oakland Bank Of America Stadium Expands Hosting Options LSU To Make $14M Off Tiger Stadium Expansion MLS Facility Notes Red Wings To Market New Venue At Comerica Broward County Hopes To Land MLS Stadium Cubs To Open Jack Daniel's Patio At Wrigley Falcons Release Video Touting New Stadium Facility Notes Plans Unveiled For Red Wings' Arena, District
Upcoming Conferences and Events
SBD/Issue 185/Facilities & Venues
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).