$350 MILLION DOLLAR SUN LIFE STADIUM RENOVATION FINALLY TO TAKE PLACE
This one could be big and it is well overdue. Miami Dade County agreed to a $350 million dollar deal to renovate Sun Life Stadium, which should be complete in 2016. It provides for the Dolphins staying put for another 30 years, and will protect fans from the sun and rains which have been a longtime problems there. Seating capacity will decrease from 76,000 to 65,000 with added video boards. Concourses and parking lots will also be renovated and more seats will be added closer to the field. Stephen Ross, the owner of the stadium and the Miami Dolphins, will immediately fund the project and will be compensated by Dade in an interesting way. Ross will get money or credits every time the stadium lands a major event, and there are agreed upon amounts for each event that is landed. For example, if they land a Super Bowl or World Cup championship game they get $4 million, college football championship game or World Cup semifinal game $3 million and college playoff $2 million. So why aside from the fact that I am a huge sports fan do we care about all of this? Because it makes the stadium once again a candidate for the Super Bowl, as soon as 2019. If Miami isn't awarded the game in 2019 (Atlanta is also competing for it) it is a virtual certainty they would get it in 2020. And the economic impact of landing that game is tremendous and well worth this relatively small investment. As always thanks for reading and have a great day.
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