The Miami Dolphins along with the Jacksonville Jaguars, Tampa Bay Buccaneers, and Daytona Speedway, have filed applications under Florida’s Sports Development Program to recover millions each year in state tax revenue. The program, established in 2014, allows the state to distribute up to $13 million of tax revenue each year to assist in the renovation of qualified professional sports facilities in the state of Florida. In order to receive disbursements under the program, professional sports organizations must submit a proposal to the Florida Department of Economic Opportunity (DEO) and the Florida Legislative Budget Commission must then approve the distribution of funds. Ultimately, this program provides incentive to develop sports facilities, which then can lead to the creation of jobs and increased tourism.
Although established last year, no funds were distributed under the program due to the state’s budget crisis. This year, the Miami Dolphins hope to capitalize on the program’s benefits, resubmitting their 2014 proposal for the maximum $3 million per year. The Dolphins are not the only organization hoping to reap the benefits of the program, however. The Daytona Speedway also submitted an application for the maximum $3 million per year and fellow NFL franchises —the Jacksonville Jaguars and the Tampa Bay Buccaneers — both submitted applications for $1 million per year. Only projects with an estimated cost over $200 million are eligible to apply for the maximum disbursement, while smaller projects may apply to receive between $1-$2 million annually. The program allows disbursements to be distributed over the course of a 30-year period, meaning the requests submitted by the Dolphins and Daytona Speedway can potentially be worth $90 million.
Miami aims to use the benefits provided under the program toward the estimated $350 million renovation of Sun Life Stadium. The renovation plans to include an open air canopy over the stadium, brand new seats, brand new suites, completely renovated concourses and concessions, new high-definition boards in each corner of the stadium, and several unique seating and club options for fans. The Dolphins have claimed that the project will provide an estimated 3,400 full-time and part-time jobs with an additional 2,000 temporary construction jobs. In addition to being the home of the Miami Dolphins, the new stadium aims to boost tourism by hosting Super Bowls, College Championships, international soccer games, and concerts. The Dolphins listed the benefits of the renovation in an attachment to their application, hoping that the DEO will take them into account when making its decision.
Like the Dolphins, Daytona Speedway resubmitted its application for the maximum $3 million annual disbursement to help pay for the racetrack’s renovations. The Speedway has expended roughly $400 million toward it’s Daytona Rising project that is near completion. The track intends to use the disbursements and renovations as a means to maintain tourism and keep guests coming back year after year. The Jacksonville Jaguars and Tampa Bay Buccaneers also resubmitted applications, requesting disbursements of $1 million annually to help fund their respective projects, both expected to cost over $100 million.
If their applications are accepted and the state budget allows for it, this program may provide significant assistance to multiple projects throughout the state of Florida.