While the Miami Dolphins’ quest for public dollars to upgrade Sun Life Stadium is considered an uphill battle, team owner Steve Ross might be getting a tax break … in New Jersey.
As he continues taking on distressed and complicated development projects, Ross could be in a position to benefit from the equivalent of a sales tax rebate from the state of New Jersey, according to the Bergen Record.
Ross’ Related Cos., is working on how to salvage the stalled Xanadu retail and entertainment complex in the Meadowlands Sports Complex. Related began negotiating to become a partner in the project earlier this year. Related has already changed the complex’s name to Meadowlands.
According to the Record story, New Jersey Gov. Chris Christie’s administration is examining the possibility of granting the project $180 million in taxpayer dollars that would come from allowing the project to keep 75 percent of the sales tax revenue from the project for up to the first 20 years it’s open. The report even speculates Ross might give up on the project without the state tax incentive.
Meanwhile, last month, a panel of the South Florida Super Bowl Host Committee recommended the Dolphins pursue public money to help upgrade Sun Life Stadium to keep it competitive to host future Super Bowls. The Dolphins are working on a plan to pay for renovations and expect to unveil it later this year.
In January, the team revealed renderings of possible upgrades, including a partial roof canopy covering the seats and a new seating bowl. The work is estimated to cost $187 million. The team said it cannot make the investment alone, but needs some help from the public.