UPDATE: 6/13 12:20am
Miami voters in August will vote on whether they want a 1,000-foot tall observation tower in downtown Miami.
Miami Commissioners agree to the wording on the SkyRise Miami referendum, but they still have some issues with the terms of the deal.
Commissioner Keon Hardemon wants Bayside Marketplace to give at least $700,000 a year to a minority based, non-profit organization. The proposal on the table was $350,000. Currently Bayside gives the Miami Bayside Foundation $100,000 a year.
Commissioner Marc Sarnoff admits he originally was a skeptic of the $400-million, privately funded project, but he was convinced because by increasing Bayside's rent and taking a portion of its profits, the city will get millions more yearly.
He believes this is a way to bring more money into the city, which could help fund things like police officers, without increasing property taxes.
City of Miami commissioners are set to vote today on whether they'll put the SkyRise Miami proposal on August's ballot.
In the deal worked out by the city, the developer will pay to refurbish the nearby Bayside Marketplace, build a new fire substation and pay higher rent to the city.
The developer and his private investors are offering to pick up nearly all of the $400-million price tag. In return, the city will extend the property's leases to 99 years.