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Marlins Stadium Update No. $6.2 million (UPDATED 1:10 AM)

Miami-Dade County fell short by $6.2 million in its effort to sell bonds for a new Marlins ballpark Tuesday, but site preparation work is expected to begin Wednesday morning at the former location of the Orange Bowl.

Although the shortfall in the bond sale threw the ballpark deal into disarray for several hours Tuesday night and into early Wednesday, the deal appeared to be back on track, after the Marlins agreed to fill the gap should the dollars be needed to complete the 37,000-seat retractable roof ballpark.

The commission debated from about 7 to 9 p.m. and then what was meant to be a 45-minute break stretched on for three and a half hours. The commission finally returned at 12:30 a.m. Wednesday and voted 9-3 for changes that will allow the deal to move forward. Commissioners approved three items, including agreeing to a higher interest rate on the some of the bonds and adjusting the county's commitment to the project to $341 million down from $347 million.

Earlier in the evening, County Manager George Burgess told commissioners the county had planned to sell $306 million in bonds, but fell short by about $6.2 million and a portion of the bonds were set at a higher interest rate than the county had expected. That means the county’s commitment to payments will remain the same, but the gap needed filling. Neither the county, nor city were willing to step up, Burgess said.

“At end of the day, we’re extraordinarily close,” Burgess told commissioners. “We’ve had conversations with the team. My ask of them was, ‘If we’re short, are you prepared to be able to cover the difference’?”

Marlins President David Samson insisted the team would -- and the public would not be asked to put more into the deal.

“We made a commitment in March," Samson said. "That commitment was there would be a certain amount of money the public would be committing and not one dollar more.”

Worried construction workers would not be able to begin working, Samson said the team would cover any additional costs.

“If this building costs $515 million, the team will put in what’s required,” Samson said. “If it costs $512 million that is what the team will do.”

You can see equipment on the site via the team’s ballpark webcam. A formal ground-breaking is scheduled on July 18.

Not to get too technical here, but while the bonds backed by the professional sports franchise facilities tax portion of the hotel tax were sold at a lower interest rate than anticipated, those backed by the Convention Development portion of the hotel tax were set at a higher rate. The “blended rate” of the two taxes fell within the county’s 7.5 percent cap, but the commission needed to sign off on the higher cap of 8.2 percent for the CDT-backed bonds.

Some commissioners worried about encumbering more taxpayer dollars, tapping into the county’s general fund if hotel dollars fall short during the life of the deal, and continuing to adjust a deal that has dogged them for years, but may finally result in a ground-breaking in a few weeks.

Commissioner Sally Heyman wanted Samson to agree to cover the $6 million shortfall rather than agreeing to cover any additional costs. Commissioner Katy Sorenson worried the county didn’t bargain hard enough while the deal was being negotiated.

“We can see clearly the Marlins have more to give and clearly have had more to give all along and it’s an example of why we can see this isn’t such a great deal for our constituents,” Sorenson said.

POSTED IN: Florida Marlins (124), Marlins Stadium Updates (88)

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Comments

Hey Dave...Who needs you

Oh, and one more thing. This team may be changing to the Miami Marlins (which I'm fine with) but it is not just about catering to Miami fans. This team started as the Florida Marlins, catering to all of South Florida. Now it doesn't.

FishFan, who cares if it has more residents? I'm not saying not to put the stadium in Miami. I'm saying not to put it at the OB site. What is an "extra 20 minutes of driving?" Are you serious? No traffic?!?! You must be insane thinking there is no traffic southbound from PBC.

For a "dedicated" fan like you, it may not be an issue to drive in heavy traffic - but people in PBC don't want to drive 1:15 to see a baseball game and then 1:15 back home.

The location is poor.

alright! finally something that benefits ME. suck a lemon, all you losers who don't like it! HA HA HA! a new stadium, just like i wanted, paid for by YOU.

How do you say boondoggle in Spanish?

Idiom? The next few years will be quite an education.

Since when do the whiners from neighboring counties decide where a major league city's baseball team should play and what its name should be? Where the heck do you guys get this sense of entitlement? Get used to it, Miami Marlins in a state of the art retrac. roof stadium financed by tourist dollars at the Orange Bowl site. All crybabies stay home or better yet, learn hockey! GO FISH!

Why now is the management of the Marlins willing to come up with millions when all they did was whine about the city paying for most of it? Sampson ran his big mouth saying how much they would pay to get it done ....10 million or whatever it takes.

If they want the stadium so bad, let them pay for it.

In my opinion, the Marlins Management team is nothing but greedy, no-good liars.

Mark my words south Florida, you have been legally raped because you can't see the truth of it all. You'll get what you deserved - royally shafted.

You'll never see me at a Marlins game ever. And that's a promise.

Miami Dade County has more residents and Marlin fans than Broward and Palm Beach combined. The new location brings the team closer to that base.

I've been driving an hour in heavy traffic to get to games. True fish fans in Broward and PBC shouldn't mind another 20 minutes of southbound traffic free driving.

Competitve product + No rain + No traffic = packed house!

GO FISH!

This stadium is being built for Mr. Loria to immediately double the franchise's value in a few year time-span. It's not being built for the fans - can't be because the location is horrible and basically excludes everyone in Palm Beach County. There will be a one-year swing (two years if the team actually acquires players) in attendance and then we will see only a marginal difference from what currently goes on. That is, unless the park is spectacular and relatively cheap...which I doubt.

I have been going to games for a long time. I wont be going when the stadum opens. Get in the games while its still close.....

This would have been a good time for the Marlins to say we'll throw in the extra money but the team name remains "FLORIDA" Marlins.

I would, but I'm monitoring online. It's been difficult to stay awake!

Can you nudge the miamidade.gov TV guys. I think they fell asleep.

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About the Author

SARAH TALALAY
After a decade as a news reporter in New Jersey, Southern California, Chicago and South Broward, Talalay decided to trade in covering meetings about city government and schools for meetings about sports deals and stadium finance...
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