Commissioners in the City of Miami have approved a motion to borrow up to $45m (€42.6m/£36.2m) to help restore the Floridian city’s Marine Park stadium.
Constructed in 1963, the facility was the first venue in the US to be purpose-built for powerboat racing. However, despite having been used to stage a number of major events, the venue has fallen into a poor state.
According to the Miami Herald newspaper, the borrowed funds will now be used to support a revamp of the Virginia Key stadium, as well as a 35,000sq ft maritime centre. The funds will be raised through the issue of special obligation bonds.
“This is a great day for Miami Marine Stadium and for the millions of people in South Florida who love this important place,” said Stephanie Meeks, president of the National Trust for Historic Preservation, adding that the vote “represents the critical financial commitment needed to bring the stadium back to life as the focal point of Virginia Key.”
The stadium revamp forms part of a wider overhaul of the area, with the City having recently invested $18m to create an outdoor event space on the island to host the Miami International Boat Show.
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