Council defers decision on Homestead-Miami Speedway repayment plan to Sept. 9

The City Council of the City of Homestead on Aug. 5 deferred action to Sept. 9 on a proposed repayment schedule from the Homestead-Miami Speedway to address reported underpayments of rent.

City staff said the Speedway submitted a repayment proposal that would begin quarterly payments in 2025 at the adjusted rate, add an additional $15,808 for calendar year 2026, and then make larger additional quarterly payments beginning in 2027 (staff summarized the proposal as additional annual payments of about $23,700 on top of corrected quarterly payments through a long-term schedule). Speedway representative Gamo Santa Cruz attended the meeting and said the proposed schedule was offered in a spirit of partnership and reflected the track’s cash-flow constraints; he asked council to consider the plan and indicated willingness to negotiate timing.

Several council members objected to the proposed timeline, saying the plan pushed most arrears to the back end of a multi-year schedule and lacked interest payments for the past amount. One council member described the timetable as “unconscionable” and asked for faster repayment. Other council members expressed sympathy for the Speedway’s events but also emphasized fiduciary duty to taxpayers.

After discussion Councilwoman Avila moved to defer the matter to a date certain (Sept. 9) so staff and the Speedway could continue negotiations to accelerate repayment terms; the motion carried on roll call (Vice Mayor Fletcher voted no). The council instructed staff to return with an updated payoff schedule and any recommended contractual protections (for example, estoppel or covenant language) for the city’s financial position.

No final repayment agreement or vote on the proposed schedule was recorded at the meeting; the item was deferred for further negotiation and return to council.