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Stadium Update


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My idea of how this ballpark deal might go down if the State Senate nixes the bill.

 

First of all I will warn everyone right now....the next week will be full of so much doom and gloom you will feel absolutely terrible. This will be a calculated PR move by the Marlins.

 

Next will come the louder rumors of relocation. I feel MLB will not state anything officially about giving the Marlins permission to move, maybe just talk about it.

 

Then the deal will come.

 

Codina will buy the land needed for the ballpark and much more. He will then lease the land for the ballpark the county (on friendly terms) and develop the rest as apartments, dining, shopping, and entertainment venues. The ballpark will be built using the current commitments from the County, City, and Marlins.

 

That is just my view of what will happen if all the current indications come true. Loria doesn't want a new partner, but Codina wants in on the Marlins somehow. This seems to me as the perfect win-win scenario short of Codina buying into the team.

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Land costs BTW were listed at $10 million with the original $367 million plan, but I believe that number has been revised to around $25-30 million in the current $420 million plan.

 

Land Acquisition

While the County is not bearing risk, another area of relative concern in regards to the project is the acquisition of land required for the Ballpark. There are approximately fifty (50) parcels (one parcel is a condo with twelve units) that must be acquired to secure the site. A portion ($28 million) of the City?s CDT bonds will go towards the cost of land acquisition and infrastructure improvements. The County Attorney?s Office will handle the land acquisition process and while we hope to obtain most of the parcels through negotiated purchase price, the exercise of the County?s eminent domain powers may be necessary. The City shall not be required to fund the acquisition of any land and infrastructure costs prior to satisfaction of certain conditions, which include final execution of the stadium agreements. The County will not be required to acquire any land prior to receipt of sufficient funds for the land acquisition.

 

The Marlins have retained appraisers in order to expedite the process and are permitted to acquire property through negotiated purchase, including by options, at any time provided the Marlins obtain the County?s written approval of the purchase price prior to execution of a binding purchase contract or option. If the Marlins do acquire property, upon the County?s request, the Marlins shall assign the contract to the County for no more than the contract or option price.

 

It is anticipated funding for land and infrastructure costs will be adequate, however, it is unknown what the final cost will be. If the cost escalates to unreasonable amounts, the land acquisition process could place challenges on the project. Timing is also critical, as the Marlins have stated they need to have control of the site by September to begin the necessary infrastructure improvements to ready the site for construction, which according to the Marlins is slated to begin in October 2005.

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