The Miami Dolphins may get help from the NFL to finance the improvements to Sun Life Stadium the team says are necessary for it to continue attracting Super Bowls and other marquee sporting events to South Florida.
A report released Tuesday by the PFM Group consultancy in Coral Gables suggests that the Dolphins could qualify for $150 million in financing from the NFL. The group prepared the report for Miami-Dade county officials, according to the Miami Herald.
The league has not commented on whether the Dolphins will receive NFL funds, while a Dolphins representative told the Herald it is too early to speculate on how much money the team can get from the league.
The Dolphins want to make $350 million in renovations to the stadium, with the team committing $191 million in private money towards the effort and the rest coming from state and local funds.
The county is considering a measure that would raise the mainland hotel tax rate from 6 percent to 7 percent, then give the team 75 percent of the new revenue up to $7.5 million in the first year. The cap would increase by 3 percent every year thereafter.
The Dolphins could also receive a state sales tax subsidy worth $3 million per year. The local portion of the funding needs to be approved by the county commission and pass a voter referendum, while the state legislature still needs to pass the bill allowing the sales tax subsidy.
If the team does get money from the NFL, it will offset the contribution made by Dolphins owner Stephen Ross, and not any public funds.
Last month, the Dolphins announced they will repay state and local governments for their contributions after 30 years, meaning the team will eventually pay for a majority of the sales costs.
Ross has also agreed to sign a 30-year non-relocation agreement that would hold even if team ownership changes hands. The team said it will scrap the renovation plan altogether if the NFL does not award South Florida hosting duties for Super Bowls L or LI later this year.