County Commission Approves New BB&T Center Operating Agreement
On December 8, 2015, Broward County Commissioners voted in favor of a proposal to revise the County’s long-term agreement with Sunrise Sports and Entertainment (SSE) to provide funding for upgrades and operating costs for the BB&T Center. Changes to the agreement are intended to help ensure future economic viability of the 25,000 seat sports and entertainment venue, home to the Florida Panthers hockey team. More…
The BB&T Center is owned by Broward County taxpayers and operated by the Arena Operating Company and its parent company, SSE, which also owns the Panthers. As owner of the BB&T Center, Broward County is responsible for payment of outstanding bonds issued to finance its construction. As the BB&T Center's primary tenants, the Arena Operating Company and the Panthers pay to use the building and pay all operating and maintenance expenses.
The current operating agreement between Broward County and SSE is a long-term agreement that runs through 2028. The new agreement contains terms for SSE and the Florida Panthers that Broward County believes will help preserve the investment in the Arena and ensure its continued contributions to tourism and economic development. While no property tax dollars are involved in the request or in operating the arena, it is important for taxpayers to understand why the new agreement is important.
View December 8, 2015 Agenda Item (scroll to Item 67)