State university-system leaders on 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 that 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.