MIAMI, FL - MAY 06: LeBron James #6 of the Miami Heat reacts to a play during Game One of the Eastern Conference Semifinals of the 2014 NBA Playoffs against the Brooklyn Nets at American Airlines Arena on May 6, 2014 in Miami, Florida. (Photo by Mike Ehrmann/Getty Images)
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.