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Miami OK's $92M in bonds for stadium parking


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Miami OK's $92M in bonds for Florida Marlins' stadium parking

 

BY CHARLES RABIN

 

Miami commissioners gave staff the green light Thursday to move forward with the sale of $92 million in bonds to build the parking sites at the Florida Marlins' new ballpark.

 

That cost is lower than anticipated, in part because extensive preconstruction work has been completed -- but mainly because construction costs have lowered due to the sour economy.

 

In October, after a contentious debate, commissioners had agreed to bond out $120 million to build six parking sites with almost 6,000 spaces around the under-construction park in Little Havana set to open in 2012.

 

But that figure sparked an outcry -- as city leaders had promised they would not go above $94 million, the city's end of the $642 million ballpark deal. The next month, with the city coming under investigation by the U.S. Securities and Exchange Commission, Mayor Tomás Regalado delayed the bond sale.

 

After that, Regalado and staff, along with Suffolk Construction -- a local group that won the bid to build the parking sites -- renegotiated the cost.

 

``We've committed to the city to deliver the entire contract,'' Timothy Sterling, vice president of operations for Suffolk Construction, told commissioners Thursday.

 

The city has the power to terminate the contract at any time for convenience.

 

``I believe that just by deferring the item at the time, we have saved the city $19 million,'' said Regalado.

 

good news but something about regalado scares me.....had he been mayor we never would have gotten the deal.

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Miami OK's $92M in bonds for Florida Marlins' stadium parking

 

BY CHARLES RABIN

 

Miami commissioners gave staff the green light Thursday to move forward with the sale of $92 million in bonds to build the parking sites at the Florida Marlins' new ballpark.

 

That cost is lower than anticipated, in part because extensive preconstruction work has been completed -- but mainly because construction costs have lowered due to the sour economy.

 

In October, after a contentious debate, commissioners had agreed to bond out $120 million to build six parking sites with almost 6,000 spaces around the under-construction park in Little Havana set to open in 2012.

 

But that figure sparked an outcry -- as city leaders had promised they would not go above $94 million, the city's end of the $642 million ballpark deal. The next month, with the city coming under investigation by the U.S. Securities and Exchange Commission, Mayor Tomás Regalado delayed the bond sale.

 

After that, Regalado and staff, along with Suffolk Construction -- a local group that won the bid to build the parking sites -- renegotiated the cost.

 

``We've committed to the city to deliver the entire contract,'' Timothy Sterling, vice president of operations for Suffolk Construction, told commissioners Thursday.

 

The city has the power to terminate the contract at any time for convenience.

 

``I believe that just by deferring the item at the time, we have saved the city $19 million,'' said Regalado.

 

good news but something about regalado scares me.....had he been mayor we never would have gotten the deal.

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