MIAMI - The Florida Marlins on Thursday cleared another significant hurdle in their quest to finance a $420 million ballpark and parking garage east of the Orange Bowl, when Miami City Commissioners unanimously approved a non-binding agreement spelling out the funding for the project.

 

The city's contribution to the project is $28 million to cover the cost of land and infrastructure needed for the 38,000-seat, retractable roof stadium. The city will issue $120 million in bonds for the project backed by $28 million in tourist tax development taxes, $32 million for the 2,800-space garage that will be covered by parking fees, and $60 million in hotel bed taxes that were freed up when the city sold Miami Arena last year.

 

City officials acknowledged the negotiations have been long and difficult, but all agreed the agreement, which roughly splits the costs between the public and the team, is sound and protects the public from footing the bill for cost overruns.

 

The agreement now heads to the Miami-Dade County Commission on Tuesday, where approval is expected. After that vote, the city, county and team will approach the state Legislature in the hopes of securing a state sale tax rebate to cover the $30 million gap in the financing plan.

 

The project is by no means assured, but the city's approval signals continuing momentum for it.

 

"I think we have a basic business framework on which to go forward and a lot of cooperation from all the parties," Miami Mayor Manny Diaz said.

 

Commission Chairman Joe Sanchez said he was excited at the prospect of a stadium in his district.

 

"We're going to have a great team in Miami, we're going to have a great stadium in Miami," Sanchez said. "It's a great, great deal for the city of Miami."

 

The county has pledged $138 million in hotel bed and sports facilities taxes, including the $60 million the city freed up from the sale of Miami Arena, to the project. The Marlins are paying $30 million up front and another $162 million in rent, backed by future guaranteed revenue to the team, including television and radio broadcast fees. If the project is built, the team will be renamed Miami Marlins.

 

The team, city, and county hope to secure a $60 million sales tax rebate from the Legislature to generate $30 million toward construction. Legislative leaders have said they are open to considering the request as long as the team gets a local financing deal in place.

 

 

http://www.sun-sentinel.com/sports/sfl-224...la-sports-front

Another stadium hurdle cleared

By Charles Elmore

 

Palm Beach Post Staff Writer

 

Friday, February 25, 2005

 

The Florida Marlins on Thursday secured the first leg of what team President David Samson called a "three-legged stool" of financing for a $420 million stadium plan.

 

A unanimous vote by the Miami City Commission in favor of the plan sets up a stop at the Miami-Dade County Commission on Tuesday for what is expected to be another yes vote. Then it's on to the Florida Legislature for what team officials hope will be the final piece, though some lawmakers have rated its chances at 50-50.

 

"Both the county and the city are on the same page for the Marlins' request," said Gerard Philippeaux, director of public affairs for county commissioner and ballpark proponent Barbara Carey-Shuler. "The county has increased its share of the funds for the project."

 

In Thursday's vote, city commissioners approved $28 million in financing and land for a 38,000-seat, retractable-roof stadium beside the Orange Bowl to open in time for the 2008 season.

 

In four days, county commissioners will be asked to approve $138 million from tourist and development taxes, an increase of more than $10 million over what was discussed early last year. Parking fees will make up another $32 million.

 

The Marlins have pledged $192 million from future stadium revenue.

 

Team officials are seeking another $60 million from state legislators whose regular session begins March 8. That money would pay off the final $30 million in construction loans.

 

Samson called for the support of the city and county in lobbying efforts: "We go to Tallahassee as one."

Excellent news. The vote was unanimous from the City. This thing is really gaining momentum. I'm feeling more and more confident that it is going to happen. :thumbup