State university-system leaders Wednesday approved a bond refinancing plan tied to Miami rapper Pitbull’s name going on a football stadium.
The approval came several years after a contract Pitbull had with the state helped cost the job of a state tourism marketing official.
The university system’s Board of Governors agreed to a Florida International University refinancing plan, which is part of a $6 million deal to rename the school’s 20,000-seat football stadium as Pitbull Stadium.
In August, the FIU board of trustees approved the five-year deal, which will pay the school $1.2 million annually. But the deal resulted in the school exceeding IRS limitations for “private use” activities in connection with the stadium’s tax-exempt bonds.
To address the IRS issue, the school is looking to refinance a series of Miami-Dade County Industrial Development Authority revenue bonds totaling $13.4 million that were issued for improvements at the stadium. The school anticipates the refinancing will result in a benefit to FIU of $3.98 million, according to information provided to the Board of Governors.
“I think it’s really thoughtfully put together. It’s a good plan,” said Charles Lydecker, chairman of the Board of Governors’ Facilities Committee.
As part of the FIU contract, Pitbull, whose real name is Armando Christian Perez and is also known as “Mr. 305,” is required to create an anthem for the school, appear at a minimum of one athletic event a year and post at least 12 times a year about the school.
“Renaming the stadium isn’t just about a name change,” Pitbull said in a news release when the school announced the deal in August. “It’s about inspiring the community, creating opportunities and showing the world that with determination and a clear vision, anything is possible. We’re making history together, and we’re just getting started. Why dream when you can live it?”
The contract will give Pitbull use of the stadium 10 days a year and will make his vodka company, Voli 305, the stadium’s house brand.
This isn't Pitbull's first highly publicized state contract.
In 2016, the state’s tourism-marketing agency, Visit Florida, became a target of the Florida House because of a $1 million contract Pitbull had to serve as a tourism ambassador, promoting the state through videos, social media and at concerts.
Leading the House charge at the time was then-Speaker Richard Corcoran, who is now president of New College of Florida.
In December 2016, Pitbull tweeted his contract with Visit Florida after the House went to court over the agency’s spending. His production company, PDR Production, initially claimed trade secrets were in the contract.
The ambassador contract resulted in Will Seccombe resigning as Visit Florida president and CEO at the request of then-Gov. Rick Scott.
The House also questioned Visit Florida for spending $1.25 million on a marketing deal with London-based Fulham Football Club and $2.9 million with an IMSA racing team.