On Tuesday, Miami-Dade County officials authorized a special taxing district for a proposed development near Hard Rock Stadium.
Some details for the plan still need to be resolved, but the vote on Tuesday allows the development in Miami Gardens to advance. While the taxing district does not including Hard Rock Stadium–home of the Miami Dolphins and Miami Hurricanes–it is intended to help foster development in the area surrounding the venue.
As proposed, the district would encompass a few areas near the facility, including the corridor along Northwest 27th avenue. Since it is close to Hard Rock Stadium–as well as the Calder Casino, which is also not included in the district–officials are hopeful that it will be able to generate solid revenue streams. More from The Miami Herald:
“What we lack in Miami Gardens,” [Miami Gardens mayor Oliver] Gilbert said, “is a real place to hang out and spend time.”
Both the city and county governments still need to approve how much money the district would actually collect each year by establishing what percentage of new property taxes it can keep. In a memo, Miami-Dade’s mayor cautioned that creating Miami Gardens’ first redevelopment agency will cost the county money, and that steps must be taken to preserve future funds for police, transit and other core services that rely on property taxes.
“During the negotiation of a [redevelopment agency] agreement with the City,” Mayor Carlos Gimenez wrote, “the County should negotiate financial terms that will not impact the County’s future budgets.” He said that could include Miami-Dade retaining a portion of the new property taxes generated within the district, or capping how much the redevelopment agency could collect.
The district does not include the city’s largest taxpayer, the Miami Dolphins’ newly renovated Hard Rock Stadium, but sits nearby. Gimenez cited the stadium as one reason to believe the district has extra potential for generating property-tax revenue in the future. The “proposed Area is not a typical agency; it is a major corridor that has seen much investment in the last few years…”
These discussions come as Hard Rock Stadium receives some upgrades in advance of the 2017 season, which will mark the latest round of ongoing renovations to the facility. Before the 2016 season, the stadium received several new amenities, including a canopy to cover the vast majority of the seating bowl.
Officials are expecting the development outside Hard Rock Stadium to feature several amenities, one of which being a 1,000-seat theater.