"Let’s Clarify the BB&T Proposal"
As of late there has been so much mis-information spread about the BB&T proposal. First, 20 years ago the Broward County Commission decided that they wanted an arena and professional sports team. They levied a 2 cents sales tax on tourists staying in our hotels to pay the debt service on that Arena. That agreement was to guarantee that at least $8 million per year of the 2 cent tourist tax would go towards paying down that debt of over 450 million dollars. This tourist tax has nothing to do with property taxes or Broward County residents. The money does NOT come from the General Fund, which is financed in part with property taxes. It's purely raised from people from other places coming here staying in our hotels. In addition, the Arena operators were to pay $4.6 million annually of the debt service as well as revenue share for any profits made over 12 million at a rate of 80% going to them and 20% to Broward County. Broward County owns the BB&T Center therefore the remaining $250 million debt is ours, not private investors. More...