Stephen Ross is finally doing what he could have done in time for Miami to get Super Bowl 50, but didn't: he is paying for the renovations to Sun Life Stadium. Is Ross a reformed scoundrel? A new man, a more benevolent patriarch of the Dolphins? Well, hold the phone for a sec. Ross is offering to foot the $350 million bill for the whole upgrade, with the same old design that's been around for years, himself and to give up ownership of the stadium property to the county, which would mean he would no longer have to pay for property taxes each year, which amounted to $3.8 million last year. There is no mention of him paying rent to the county, but then again there's also no mention of the county having to pay anything for the land.
So, the county is getting a big piece of land in a blah neighborhood with a tenant they can't evict and Ross is saving a few million in taxes a year by paying many times that up front, and forfeiting land that he could have someday, maybe built condos on. And who pays for the upgrades the next time the place starts to look dated? Hmm... in most situations that would be the landlord, or in other words the county.
So, who's getting the better deal in Ross's latest proposal? The county or him? And should we say "go for it' before we lose out on the next Super Bowl (a game which traditionally comes to Miami, like, every four years) too?
· Miami Dolphins Owner wants to swap $4 million tax bill for stadium renovations [Miami Herald]
· Sun Life Stadium coverage [Curbed Miami]