DATE: December 7, 2015
MEDIA CONTACT: Rob Hernandez 
Deputy County Administrator
PHONE: (954) 357-7357
EMAIL:  rhernandez@broward.org 

BROWARD COUNTY, FL - The County Commission will vote Tuesday on a proposal to revise its long-term agreement with Sunrise Sports and Entertainment (SSE) to provide funding for upgrades and operating costs for the BB&T Center. Proposed changes are intended to help ensure future economic viability of the 25,000-seat sports and entertainment venue, in what has become an increasingly competitive market.

Under the proposed $86 million agreement, Broward County will provide $39 million for maintenance, repair and upgrades to the 17-year-old facility, and $45.5 million to assist with operating expenses such as utility costs and insurance. An additional $1.5 million will be used to attract a high impact event. Funding will come from tourist development taxes, which are paid primarily by visitors to Broward County.

The agreement, recommended by County Administrator Bertha Henry, is the result of months of negotiations between SSE and Broward County staff, and also reflects input from the Tourist Development Council, a group of local business and tourism industry leaders that serves as an advisory board to the County Commission.

The BB&T Center is a popular venue for concerts, sporting and entertainment events. Broward County taxpayers own the $212 million facility, built in 1998, which is managed by SSE and has been operating at a loss for years. SSE is also the parent company of the Florida Panthers, the Center's primary tenant.

Under the proposed agreement, the Florida Panthers will continue to pay $5.3 million annually to reduce the debt on the Arena, contribute $500,000 annually to a County tourism marketing fund, and share revenue and profits with the County but under new terms.

Broward County will gain development rights for property surrounding the Arena, and further protect taxpayer investment in the facility by securing an irrevocable letter of credit from SSE in the event the team defaults, files bankruptcy or relocates.

The National Hockey League will contribute $1.5 million to youth hockey development in Broward County, and consider awarding at least one All Star Game to the BB&T Center before 2022.

Tuesday's commission meeting will be broadcast live on area cable systems and streamed live on Broward.org. Documents related to this and previous workshop presentations can be found at Broward.org/Arena.