TALLAHASSEE -- As legislative budget negotiations reached a stalemate Wednesday, Gov. Charlie Crist and the Seminole Tribe offered the state a financial lifeline: $1.1 billion in cash over two years in return for giving the tribe a gambling monopoly.

The deal would allow the Seminoles to continue running blackjack tables at their Hard Rock Casinos, plus five other tribe sites, and it would give them the exclusive right to operate Class III slot machines outside of Miami-Dade and Broward counties.

In return, the Seminoles would send the state an unprecedented check for $600 million in 2009-10 and another for $500 million, if needed, in 2010-11. During the 25-year agreement, the total minimum payment to the state would be $2.5 billion, minus interest payments for the upfront money in the first two years.

The trade off for Florida: no payment at all in year three, then payments that would slowly ramp up again in years four through 25.

Crist called it ''significantly improved'' over the gambling agreement he originally negotiated in 2007, which was later invalidated by the Florida Supreme Court because the Legislature had not made blackjack legal in Florida. He commended the Seminoles for their generosity.

''That's a tremendous assist, at the right time, by wonderful people,'' Crist said.

Tribe leader Max Osceola called it ``a great day.''

Senate President Jeff Atwater, R-North Palm Beach, said the Seminole cash ''could be valuable'' and provide some comfort to lawmakers as they negotiate differences in the budget.

But the lead gambling negotiators in the House and Senate called it a bad deal for Florida.

''Our approach to the compact is not about filling a fiscal need,'' said Rep. Bill Galvano, R-Bradenton. ``We are facing budget problems, but taking out a line of credit from the Seminoles is not a responsible way to balance our budget . . . Front loading the payments is a short-term solution that will lead to long-term problems for our state and its industries.''

Sen. Dennis Jones, R-Seminole, the Senate's lead negotiator, said the agreement seems to indicate the governor has backed off his support for the Senate plan to offer additional games to horse and dog tracks to better allow them to compete with the tribe.

''Now that there's more money up front, the Indians don't want parimutuels to have any expansion and that's probably not going to sit well in the Senate,'' Jones said.

The proposal must be approved by the Legislature to become law. In addition to the upfront cash, the agreement allows lawmakers to reduce the 50 percent tax rate on the seven parimutuels operating in Miami-Dade and Broward counties to 35 percent. It allows them to operate 24 hours a day, offer free alcohol to patrons, set-up ATM cash machines on the casino floor and raise poker limits.

The proposal also eliminates an earlier provision that if the tribe's net wins decline below $1.37 billion, their payments would cease.

''With the exception of the funding, there were no material changes,'' said Barry Richard, a lawyer for the tribe who helped draft the proposal.

He said the tribe decided to offer the money when it became clear that lawmakers were struggling to find a way to fill their budget deficit.

The tribe arrived at the $600 million figure because it roughly equals the difference between the House and Senate budgets and also because it combines the amount they would have owed the state this year under the previous agreement -- $288 million -- and the amount they can borrow from financial markets.

Under the plan, the state would split the cost of the loan 50-50 with the tribe.

''This changes the whole picture,'' Richard said. 'Who else can give the state $600 million? . . . It would be difficult for the Legislature to say `no thanks.' ''

''I say take the money and run,'' said the Senate Republican leader, Alex Diaz de la Portilla of Miami. He praised the deal as ''creative'' and a way to avoid cuts to ``critical services for vulnerable Floridians.''

For the parimutuel industry, it's a tough bargain.

''It's a reasonable offer,'' said Marc Dunbar, a lawyer and lobbyist for Gulfstream Race Track in Hallandale. ``But I don't see any significant change in the tribe's position. There are a lot of legislators who have parimutuels in their districts that are outside Dade and Broward. Are they going to be willing to take the money from the tribe and forsake their incumbent industries?''

Crist has an answer: ''Do this for the children of Florida.'' He said he believes the money should be dedicated to education and urged lawmakers to be open-minded.

He is also optimistic that in years three and four, the same years the stimulus money from the federal government ends, the economy will have rebounded and the state won't need the cash.

''It is already starting to happen in fact -- the hopeful beginning of the end of the recession,'' he said.

He said the tribe's offer is ``more than what we have right now -- which is nothing.''

Herald/Times staff writers Marc Caputo and Amy Hollyfield contributed to this report. Mary Ellen Klas can be reached at meklas@MiamiHerald.com