Miami Freedom Park is a good deal for the city’s taxpayers
When presented with the opportunity to help fulfill the dream of bringing Major League Soccer to Miami, I accepted, knowing that this undertaking was larger than soccer. It was a chance to create something transformative for our community — a community that has given so many the freedom to dream.
Over three years ago, you — the residents of Miami — voted overwhelmingly in favor of Miami Freedom Park. You voted to convert a golf course into a privately funded world-class entertainment, sports and recreational destination for all to enjoy.
A project of this magnitude will require a significant investment. Environmental remediation alone is expected to cost $36 million. Site improvements and public infrastructure improvements are an additional estimated $60 million. These costs are before construction can even begin.
In its current state, the land cannot be built upon. Inter Miami CF does not believe that Miami residents should be responsible for these costs.
Therefore, let me be clear: Miami Freedom
Park will not require any contribution from city of Miami taxpayers. Inter Miami will be one of a handful of sports team in the country to receive no public subsidy for the construction of the stadium, pay property taxes and pay fair-market rent for stadium land. As independently verified by three leading appraisal firms,
Inter Miami will actually pay rent well above fairmarket value. Based on the current condition of the land, the independent appraisal process concluded with a finding that fair-market rent for the property is $2,280,000 a year. As such, the $3.57 million a year that Miami Freedom Park will contractually agree to pay is 37% higher than appraised value. We hope to set the standard for future sports stadium projects in South Florida, nationally and around the world. Partnerships between sportsfranchise teams and local government should not be financed by taxpayers.
We will create a 58-acre public green space, one of the largest in the city, donate $25 million for park and baywalk improvements, and establish Miami Freedom Park Soccer Village, which will include a world-class soccer stadium. This stadium will be more than the home of Inter Miami. It will serve as inspiration to the youth of South Florida and the next generation of soccer stars to dream of representing our community. It will provide sports fields for neighborhood youth to gather and play. It will be a place of unity through sports.
Miami Freedom Park will boast restaurants, retail stores, a hotel and the development of a Tech Hub that will further underscore Miami’s status as a global innovative city, while generating 15,000 jobs with a minimum $15-an-hour living wage for on-site employees. Government coffers will receive more than $42 million in annual tax revenue.
You, the residents of Miami, voted in favor of Miami Freedom Park. It is time to make the dream a reality.