The Miami Dolphins and Miami-Dade County have reached a deal about the county's involvement in the renovations at Sun Life Stadium.
Structured as an economic development grant, the 30-year deal includes a non-relocation agreement.
Repayment penalty will be a minimum of $120 million at the end of 30 years, if certain conditions are not met.
"We are proud to join Mayor Gimenez in agreeing to an unprecedented public-private partnership that will modernize Sun Life Stadium and protect property tax payers, while helping secure the future for Super Bowls, college championships and international soccer in Miami-Dade," said Miami Dolphins owner Steve Ross in a statement. "The future is also brighter for the University of Miami Hurricanes and the Orange Bowl."
Dolphins would be on the hook for the $120 million even if Miami is awarded three Super Bowls and not four. Penalties are greater for not landing more economic boosting events.
"We look forward to working with the County Commission to ensure that the voters of Miami-Dade have the final say on creating more than 4,000 jobs and pumping millions of dollars into the local economy," said Ross. "When the people of Miami-Dade go to the polls, we are confident they will support this partnership, where the Dolphins will pay approximately 70 percent costs, will repay approximately $167 million to the state and county, will pay for 100 percent of any cost overruns during construction, and will be committed to staying in Miami-Dade for the next 30 years."
The Dolphins will receive a revenue stream from the increased hotel bed tax -- 75 percent or $7.5 million annually over 26 years -- if voters pass the increase.
"I want to thank Mayor Gimenez and his team for their hard work and commitment to bringing jobs and opportunity to the people of Miami-Dade," continued Ross. "This is truly an unprecedented agreement, and the Mayor deserves tremendous credit for making it happen."
Lawyers are putting the specifics in writing and will deliver it to Miami-Dade commissioners Tuesday. A meeting is scheduled for Wednesday.