Friday, April 30, 2004
Marlins Reach Tentative Stadium Deal; $30 Million Gap in Financing Remains
According to the Miami Herald, the plan calls for a $325 million, retractable-roofed park near the Orange Bowl, plus a $32 million parking garage. The garage would pay for itself. The stadium wouldn't. It would be funded as follows:
City of Miami: Land plus $28 million of tourist development tax money
Dade County: $120 million: $82 million from hotel tax, $38 million from sports facilities franchise tax.
Marlins: $157 million: $20 million upfront, $10 million from a ticket surcharge, $127 million in rent used to pay off a bond obtained by the county.
That leaves a $30 million gap. The club hopes to get that money from the State of Florida before the legislature adjourns for the year tomorrow, but Sarah Talalay of the South Florida Sun-Sentinel doesn't think it will happen. Leaders of both houses of the state legislature oppose the bill, and as Talalsy notes, the legislature has just "reached agreement on a nearly $58 billion state budget that strips millions of dollars from South Florida's schools."
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According to the Miami Herald, the plan calls for a $325 million, retractable-roofed park near the Orange Bowl, plus a $32 million parking garage. The garage would pay for itself. The stadium wouldn't. It would be funded as follows:
City of Miami: Land plus $28 million of tourist development tax money
Dade County: $120 million: $82 million from hotel tax, $38 million from sports facilities franchise tax.
Marlins: $157 million: $20 million upfront, $10 million from a ticket surcharge, $127 million in rent used to pay off a bond obtained by the county.
That leaves a $30 million gap. The club hopes to get that money from the State of Florida before the legislature adjourns for the year tomorrow, but Sarah Talalay of the South Florida Sun-Sentinel doesn't think it will happen. Leaders of both houses of the state legislature oppose the bill, and as Talalsy notes, the legislature has just "reached agreement on a nearly $58 billion state budget that strips millions of dollars from South Florida's schools."
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