Miami Marine Stadium — located on an island in Biscayne Bay — offers striking views of both the city and the water. If it were located anywhere else in the country, the city-owned building would likely be the proud centerpiece of a waterfront district. Instead, Miami leaders have essentially abandoned the structure and allowed it to deteriorate for 20 years.

The venue that once hosted musical acts like Aretha Franklin, Ray Charles and The Who, had performers belt out tunes from a stage that floated on the water. Today, it's in complete disrepair. The seats are broken. It's littered with weeds and broken beer bottles. And nearly every square inch is covered in graffiti.

That may change.

Today, city leaders are scheduled to meet with the Friends of Miami Marine Stadium, a non-profit dedicated to restoring the 6,500-seat venue to its former glory. Mayor Tomás Regalado has repeatedly emphasized his desire to save the stadium, and earlier this year, he penned a piece in the Miami Herald emphasizing his commitment to renovating the landmark. But the plans come with a caveat: the city doesn't want to spend much money.

Read more and see more pictures from Governing magazine and Friends of Miami Marine Stadium.