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Dolphins promise to repay public funds for stadium renovation

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As the Dolphins and their owner try to finagle $167  million in public money to help fund $389 million in stadium renovations, the Dolphins have made another concession.

They’ll pay back the principal.  In 2043.The Dolphins also have offered to pay for the costs of the proposed public referendum on the proposal, to condition final approval on the stadium landing one of the next two Super Bowls to be awarded in May, to commit to remaining in Miami for 30 years, and to pay up to $100 million in penalties if the stadium fails to attract Super Bowls, BCS games, international soccer matches, and similar events over the next 30 years.

Even then, it will still be a challenge for a team whose owner is worth $4.4 billion to shake $167 million from the public orange tree.

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25 Responses to “Dolphins promise to repay public funds for stadium renovation”
  1. stoolerz says: Mar 27, 2013 2:51 PM

    This is sickening. The owner is going to hold the public cash of 167 millionuntil 2043. The league will be out of existance by then.

  2. iamapatsfan says: Mar 27, 2013 2:55 PM

    Will he (or whoever his heir to the franchise is) pay it back in 2013 dollars or 2043 dollars?

  3. raiderufan says: Mar 27, 2013 2:58 PM

    $4.4 billion and he’s asking for $167 million from the state? What a joke.

    If he funds the full upgrades he’d go from $4.4 billion to a barely livable $4 billion….for about 6 months.

    These actions and requests cannot be accepted. The fans and the people of these cities would be upset but every single one of these owners should be called out and forced to either fund it themselves or leave. It wouldn’t even put a dent in his net worth and he thinks it’s ok to not pay it back for 30 years?! Disgusting.

  4. jaewest304 says: Mar 27, 2013 3:00 PM

    I highly doubt the NFL will be out of business in 30 years. I also think the Dolphins are offering far more guarantees and concessions than all the other teams that want the public $ kicked and and that’s where it ends. Name me another team offering to pay back stadium funds

  5. rudy5618 says: Mar 27, 2013 3:05 PM

    No more freebies for Billionaires!! Their greed knows no bounds.

  6. cantonbound13 says: Mar 27, 2013 3:05 PM

    Just fire Ireland & we’ll call it even.

  7. gth829c says: Mar 27, 2013 3:15 PM

    To the people bashing the billionaire taking money from the public:

    This is not Minnesota. This isn’t anywhere near what the marlins scammed out of taxpayers.

    The team is guaranteeing a payback, which is rarely done. Most teams ask for funds because the neighborhood will benefit from it long term. In this case, failure to upgrade the stadium will cost the county anywhere from 20-60 million per year when averaging the numbers from the super bowl committee.

    THE NFL HAS SAID THERE WILL NOT BE A SUPER BOWL IN MIAMI UNLESS THE STADIUM IS UPGRADED.

    Miami gets a super bowl every 5 years on average with $100-300 million economic being generated every time. If you deny this, the money stops. Miami will benefit from upgrading the stadium. And then they get their money back.

  8. gth829c says: Mar 27, 2013 3:18 PM

    Also, keep in mind this isn’t taking from the city, its a 1% increase on inland hotel taxes (i.e. surrounding the stadium) and rebates on taxes paid from concessions at the stadium. Residents of Miami are virtually unaffected.

  9. auballer4 says: Mar 27, 2013 3:19 PM

    He’s going to invest that money for 30 years and make about extra billion then pay it back

  10. sethb222 says: Mar 27, 2013 3:21 PM

    If I were the Dolphins, I’d put a Lazy River around the game field…That would be tight!

  11. Sonny says: Mar 27, 2013 3:21 PM

    What is the U planning on contributing? Are they planning on building something in Coral Gables? Or they staying at the joedolphinlandsharklife stadium too?

  12. bobwsc says: Mar 27, 2013 3:23 PM

    my math skills are awful, but say someone had $4.4 million, not billion, wouldn’t this work out the same as said person asking for public assistance on like $140K? that’s pocket change all things considered isn’t it?

  13. bullpuppy552 says: Mar 27, 2013 3:27 PM

    Ross won’t be alive in 2043. He’d be like 105 years old then.

  14. dwnhillwhaler says: Mar 27, 2013 3:33 PM

    All this bellyaching over stadium financing goes over because the team has not been winning. No one mentions that the Heat (who’s owner is one of the richest men in the world) has not paid a dime of the money they promised back to the city of Miami for the American Airlines Arena. Arison can pull Ross’s net worth out of his car ashtray

  15. cronneb says: Mar 27, 2013 3:39 PM

    Wow Ross is paying for over half or it already. The taxes come from a Hotel tax (Miami residents don’t stay in) and a tax break on consessions) for games these people don’t have to attend. He is doing it to bring 100’s of millions into Miami and oh btw he is going to agree to keep the team in Miami for 30 years. THIRTY YEARS. What would buffalo give to have that offer vs watch the team become the Canadian Bills. AND he is going to pay it back to Miami.

    If Ross was so “”Greedy” he would move the team to LA to a larger market and they would gladly pay for the whole stadium for him to get a team.

    Don’t let these LA and New York Jets trolls fool you. Miami is waaay lucky to have an owner like Ross and not have someone like Ralph Wilson

  16. steelersmichele says: Mar 27, 2013 3:42 PM

    I know they hold concerts and other events at stadiums, and I want the stadiums to be built for safety and hold a ton of people–and then I realize in all honesty, teams only play there 8 days a year. 1 or 2 more if they make the playoffs.

    That’s a lot of money for only 8 days. kids are in school longer than 8 days. people are in the hospital for more than 8 days-those places could benefit from taxpayer money more.

    The NFL needs to use that revenue sharing and give more money towards stadiums. Then again, their excuse will be they only use it 8 days a year…

  17. cantonbound13 says: Mar 27, 2013 3:52 PM

    @dwnhillwhaler: I’m not so sure Arrison is doing so great after the past month with his cruise ships. Ross is also the third wealthiest owner in the NFL, the real money making league where the big boys own franchises.

  18. granadafan says: Mar 27, 2013 4:33 PM

    He’s only paying principal over 30 years? Wow, my mortgage company would laugh me out of their offices if I proposed that.

    Those saying that the “public money” would just come from hotel taxes are missing the point. There should be absolutely no question about billionaire owners of teams worth hundreds of millions of dollars (collateral and profit potential for loans) in a league worth tens of billions of dollars are continuing to hold cities/counties/ states hostage because they won’t fund their own lavish places of work.

  19. wrenches2pipes says: Mar 27, 2013 4:38 PM

    When I was a kid I promised to feed and walk the puppy if my neighbors bought me a dog.

  20. skylark70455 says: Mar 27, 2013 4:50 PM

    Definition of FINAGLE
    transitive verb
    : to obtain by trickery
    intransitive verb
    : to use devious or dishonest methods to achieve one’s ends

    *********************

    Good grief.

    Another objective and unbiased opinion… with zero intent to finagle web page hits to show advertisers. /s

  21. wrenches2pipes says: Mar 27, 2013 4:51 PM

    From the comments above I see there’s a few of the Dolphin team management people commenting. Sway the vote.

  22. wannstache says: Mar 27, 2013 4:54 PM

    Go ahead South Florida, trust this guy. He’s obviously not smart enough to have gotten rich through honest hard work, so odds are he’s screwed quite a few people along the way. Vote him down so he can’t do it to you. Actually, he’s already screwed us fans with that hideous new logo. Sheesh!

  23. jprcox says: Mar 27, 2013 4:58 PM

    Notice here he is willing to pay back principle….$167m in 30 years will be 1/4 the value it is today.

    Factoring in interest it gets far worse. Any loan needs to have interest associated to keep it on par with CPI.

    Flip side is sooo many communities end up paying 100% of the stadium costs. Usually there is a token amount offered by the ball club.

  24. TheWizard says: Mar 27, 2013 7:04 PM

    Sure, why not. With everybody having budget surpluses and all, no problem.

    I especially liked the poster who said it’s not an issue because it’s funded by a tax increase.

    Long as they’re not taxing you, it’s fine, right?

    That mentality is burying this country.

  25. ksiner says: Mar 28, 2013 1:17 PM

    “if the stadium fails to attract Super Bowls, BCS games, international soccer matches, and similar events over the next 30 years.”

    Does anyone really expect this stadium to be around for 30 more years? That would make the stadium 56 years old. I give the Dolphins about another 10 years, even with the upgrade, to be in this stadium before they’re back asking for more money to build a newer more modern stadium.

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