The financing on American Airlines Arena, which opened on Dec. 31, 1999, is unique. The Heat paid the full construction costs of the $213-million building, which is owned Miami-Dade County. That's good! In exchange, Miami-Dade gave them the $38-million plot of land, and promised $6.5 million in annual subsidies. That's bad. The county, never great with arena math, also negotiated a share of the profits. This year, for the first time ever, there were enough profits for the Heat to cut a check.
The financing on American Airlines Arena, which opened on Dec. 31, 1999, is unique. The Heat paid the full construction costs of the $213-million building, which is owned Miami-Dade County. That's good! In exchange, Miami-Dade gave them the $38-million plot of land, and promised $6.5 million in annual subsidies. That's bad. The county, never great with arena math, also negotiated a share of the profits. This year, for the first time ever, there were enough profits for the Heat to cut a check.
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