Dolphins owner Stephen Ross announced a plan to modernize Sun Life Stadium, a plan that will range in cost from $375-400 million.
Private funds will cover the majority of the construction costs, which Ross stated would create more than 4,000 local jobs for South Florida.
"I bought this team because I love this town. I went to high school here and built much of my business here," said Ross. "Like most Miamians, I believe no other community in America represents a better destination for blockbuster events. My goal is to secure the future of Miami-Dade and the Dolphins so we can remain a global competitor for sports and entertainment for at least another 25 years. That's why I'm willing to make the initial and most substantial investment in this project."
Miami is one of two finalists to host Super Bowl L in 2016.
Ross unveiled a six-point pledge to the residents of Miami-Dade, in which he committed to:
1. Approach this partnership differently than any other by investing more, pledging more, and returning more to the community and fans.
2. Ensure that private funding pays for the majority of stadium construction costs.
3. Not request a tax increase for Miami-Dade residents.
4. Create thousands of local jobs by hiring contractors, subcontractors, and vendors from Miami-Dade.
5. Create a world-class facility with improved sight lines, seats closer to the field, and an electric environment for the Dolphins, Hurricanes, bowl games, and international soccer.
6. Secure the future of the franchise by committing the Dolphins to play at a modernized Sun Life Stadium through at least 2034.