Negotiators for Dade County, FL, and the Heat have "all
but sealed a deal" to build a $165M basketball arena,
according to Don Finefrock of the MIAMI HERALD. The "basic
terms" of the deal have the Heat agreeing to "put up the
money" to build the arena in exchange for an operating
subsidy of $6.5M a year from the county. Finefrock notes
the draft agreements "now circulating" contain some "new
twists," including the county agreeing "to funnel" an extra
$5M to the team by July '99 to cover start-up costs at the
arena. The county was to give the team that money in 2029.
The latest deal also includes "a new source of profit for
the county," as the team has agreed to build 15,000 square
feet of retail space as part of the arena, "but outside the
ticket gates." The county will collect "at least" $75,000 a
year in rent from the team for that space, which "could
house a sports bar or a health club or retail stores." The
Heat will also build "about" 1,000 parking spaces below the
arena, with revenues from that garage going to the arena,
not the team (MIAMI HERALD, 3/23).