The public subsidy details are starting to emerge for David Beckham’s proposed MLS stadium next to the Miami Marlins‘ baseball stadium: On top of about $35 million in property tax breaks, it now looks like Miami-Dade County would be buying the land for Beckham, and doing so by creating a redevelopment agency to use city and county tax dollars to pay for the stadium land and a possible light rail station:
The agency’s boundaries are suggested to be Flagler Street to the South, Northwest 22nd Avenue to the west, and the Miami River to the north and east, though the resolution says the study being sought could expand that area if needed.
Community redevelopment agencies by statute create trust funds that retain 95% of the increase in tax revenues from their area above the taxes that were collected before the agency was born. The agency uses that money to finance or refinance any redevelopment it undertakes. In this case, it would include stadium land and Metromover construction, though it could include more.
This would be tax-increment financing, in other words, with all the attendant problems thereof. And because redevelopment agencies can only be used for areas in need of redevelopment, this would require the area to be declared “slum and blighted” — including the Marlins’ stadium that opened next door just three years ago in the last attempt at revitalization. This is not going to help get people to Marlins’ games.