In a 10-2 vote, the Miami-Dade County Commission approved a new funding deal for the Miami Heat Tuesday.
The new deal, according to the Miami Herald, would give the Heat’s annual tax subsidy from the county a boost in exchange for a yearly donation of $1 million by the team to the Miami-Dade County parks department.
The current subsidy stands at $6.4 million and would increase to $8.5 million in 2031 and continue at that level through 2035. The deal replaces the current profit-sharing agreement that has only paid the county $260,000 in 14 years.
The Herald reported the county’s finance department estimated the new deal would cost Miami-Dade roughly $19 million through 2035. Miami-Dade County will pay the subsidy with hotel taxes, according to the Herald.