Pitbull's charter school taking over Olympia Theater in $10 no-bid deal
Miami City Commission unanimously approves $10 no-bid deal for rapper Pitbull's charter school to take over historic Olympia Theater.
The Miami City Commission has finalized a deal that will transfer ownership of the historic Olympia Theater in downtown Miami to Sports Leadership Arts Management (SLAM), a charter school company co-founded by rapper Pitbull. The city commissioners voted unanimously, 5-0, to approve the controversial deal on Thursday. The $10 no-bid deal has been met with criticism for its lack of transparency and its low sale price.
Under the terms of the agreement, SLAM has pledged to invest a minimum of $57 million into restoring the interior performance space and seating area of the 1926 landmark theater. An additional $20 million will be allocated for renovations to the theater's upper floors. The city will retain ownership of the theater's exterior and the adjacent 10-story office building.
"This deal is a win-win for the city and for SLAM," said Miami City Commissioner Joe Carollo. "We are proud to partner with a charter school that has a proven track record of success and a commitment to investing in our community."
The deal has faced backlash from community members who argue that the city should have held a competitive bidding process for the property rather than awarding it to SLAM without any other offers. Critics have also expressed concern about the lack of details surrounding the agreement and how the funds will be used.
"This is just another example of the city using backroom deals to benefit their friends and associates," said local activist Maria Rodriguez. "We deserve transparency and accountability from our elected officials."
Despite the controversy, Pitbull and SLAM have expressed excitement about the opportunity to restore and utilize the historic theater for educational and community events.
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