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Marlins offering $35M more for ballpark


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http://www.miami.com/mld/miamiherald/sport...ll/10033107.htm

 

MIAMI-DADE COUNTY

 

Marlins offering $35M more for ballpark

 

A Florida Marlins proposal increases the team's contribution toward a new stadium and raises the total project cost.

 

BY BARRY JACKSON

bjackson@herald.com

 

 

In an effort to jump-start lagging negotiations, the Florida Marlins this week offered to increase their contribution toward a proposed retractable-roof stadium from $157 million to $192 million, a Miami-Dade County official said Wednesday night.

 

The Marlins' proposal, sent to the county Tuesday and examined by county officials Wednesday, also raises the total cost of the project from $367 million to $420 million, including a $32 million parking garage.

 

County officials consider the $420 million figure more realistic.

 

While at least two major issues remain, county Tax Collector Ian Yorty said progress is being made toward a deal for a 38,000-seat ballpark adjacent to the Orange Bowl.

 

''We're optimistic we can reach an agreement,'' Yorty said. ``The county is committed to getting it done.''

 

The Marlins' proposal marks the first time in several months that the team has offered to increase its contribution, Yorty said.

 

''In an effort to fulfill [owner Jeffrey Loria's] desire to have a part in the saving of the franchise here in Florida, he wanted to once and for all allay concerns about the cost of the stadium by pre-funding potential overruns,'' Marlins President David Samson said.

 

``This would make it the fourth-highest contribution in all of baseball. . . . This is a deal that should be done quickly.''

 

The Marlins' proposal also asks for an additional $17 million from local government -- either the county or the city or both -- to cover land acquisition near the Orange Bowl and additional infrastructure costs. Yorty was unsure whether the county or city would accommodate that request.

 

''We're still looking at that,'' he said.

 

OTHER ISSUES

 

Still, two major issues remain.

 

The county wants the Marlins to provide a letter of credit from a bank -- or other firm revenue sources -- to guarantee they can cover cost overruns. The Marlins' proposal this week does not include a letter of credit.

 

''They have proposed a cost overrun guarantee, but we still need more understanding of what it is,'' Yorty said.

 

The $17 million sought by the Marlins in their latest proposal is in addition to the $30 million shortfall that already existed. The city, county and team are no longer discussing how to cover that missing $30 million and instead will try to secure the money from the Legislature next spring.

 

The parties will try to forge a ''memorandum of understanding'' -- similar to an agreement in principle.

 

As part of their proposal, the Marlins offered to increase their rent payments from $127 million to $162 million.

 

The remaining $30 million of the Marlins' offer would come from team equity, including a ticket surcharge.

 

The county has offered to contribute $120 million in hotel bed and sports facility taxes, including a portion from the sale of the Miami Arena.

 

The city is contributing $28 million in tourist taxes and some land near the Orange Bowl and helping finance the parking garage.

 

TIMING

 

The Marlins would like to agree on a memorandum as soon as possible, but Samson said that's highly unlikely to happen by early next week.

 

The Miami-Dade County mayoral election on Tuesday is not viewed as a major concern for the team. Although mayoral candidate Jimmy Morales -- unlike opponent Carlos Alvarez -- is opposed to using public financing toward stadiums, Morales said last week he would not veto the stadium deal as long as the team covers overruns and doesn't ``come back for more money.''

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Everyone should feel more comfortable with the $420M estimate.

 

In the earlier terms, the Marlins would have paid the differential anyway. Raising the estimate now just gives them a reason for asking the City/County for the additional $17M.

 

It does appear they are getting much closer to inking a deal. MLB should step in and help out with the overrun guarantees....after all, they are intimately entwined in the issues making it difficult for the Marlins to get them....i.e. minority owner disputes,

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If they'd drop this retractable roof nonsense, they'd have the deal done already.

603003[/snapback]

 

They need a roof, and a retractable one is worth it.

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If they'd drop this retractable roof nonsense, they'd have the deal done already.

603003[/snapback]

A roof is an absolute necessary for the city and county to contribute the amount they are. They expect to use this facility in the offseason.

A retractable dome allows them and the Marlins more options. For one, the option of not looking like the Devil Rays. :D

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Guest Moneyball

I would just want a regular roof instead of a retractable one..

 

might be to noisy

603325[/snapback]

 

 

might be a complete piece of s***. :plain

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the ballpark will have a retractable roof or it will not be built. all sides agree that without the roof, it will be useless. the roof will allow for an NCAA final four and other events that need large capacities and a roof to be played there. A bowl game could also be played there.

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A roof is an absolute necessary for the city and county to contribute the amount they are. They expect to use this facility in the offseason.

A retractable dome allows them and the Marlins more options. For one, the option of not looking like the Devil Rays. :D

 

 

I'm saying they should just build a domed stadium and forget a retractable dome. Just because the D-Rays built a crappy ballpark doesn't mean that a domed stadium has to look like crap. Stacked up against the domed stadiums of the '70s and '80s, Tropicana/Thunderdome still looks like crap.

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They need a roof, and a retractable one is worth it.

 

 

A retractable roof is worth an additional $200 million in taxes to you? If they just did a straight dome, the Marlins could pay for 3/4 of it themselves.

603723[/snapback]

 

"...additional $200 million in taxes to you?"

 

The monies used to build the stadium come almost exclusively from tourist and convention taxes that are collected primarliy from out of towners. Further, those taxes are earmarked for this kind of purpose and can't be used for things like building roads or schools, nor can they be used to augment the General Fund.

 

BTW, your contention that $200 million could be shaved from the construction costs by building a domed rather than rectractable roofed stadium is seriously flawed. If you used a number of half that amount I might agree but your number is highly inflated.

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BTW, your contention that $200 million could be shaved from the construction costs by building a domed rather than rectractable roofed stadium is seriously flawed. If you used a number of half that amount I might agree but your number is highly inflated.

 

 

After cost overruns, it will easily hit $200 million. You don't realize how expensive it is to build an retractable roof. Regular domes are easily half the cost.

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