The Florida Senate Appropriations Committee has added a "sweetness" to a bill in the state legislature that will allow more sports stadiums in the state receive tax subsidies from the state.
The Senate committee made revisions to Senate Bill 1216 that will allow projects that are already off the ground to be the first in line to receive tax subsidies. The change requires that projects started after July 1 will be able to compete for $6 million in annual incentives and as a bonus, those projects will not have to come back in front of the state legislature for approval in 2015.
The move is seen as welcomed news to Central Florida projects, which were searching for more money to help finance new stadium projects.
If the bill passes the legislature, Orlando, along with Miami, would receive the subsidies needed to kick-start financing for new stadiums that will house professional soccer teams.
The tax-savings are a critical part of the city's $85 million Major League Soccer stadium deal, in which it would secure a sales-tax rebate
Officials in Daytona Beach were looking for help from the state to steer money into the Daytona Rising development, an expansion of the Daytona International Speedway.