Saturday, May 01, 2004
Marlins Shut Out by State on Park
After the Florida legislature adjourned for the year last night without voting on proposals to give the Marlins the final $30 million of funding for their new stadium, Marlins president David Samson declared, "We will now discuss with the county and city all possibilities remaining which will enable us to complete a retractable-roof stadium by opening day 2007."
The Miami Herald reports, "not a word concerning the team and its last-minute bid was spoken publicly in either the House or the Senate on Friday." Nonetheless, a "source close to the negotiations said the team would still probably lobby state lawmakers next year for the sales tax rebate that has been given to many other professional sports teams in Florida, even if the team secures the $30 million this summer."
Yeah, that's going to work. "You already have the money, and the stadium's going ahead, but you still want us to give you $30 million? Hahahahaha!" Legislators remain understandably peeved at former owner Wayne "The Leech" Huizenga, who's still pocketing a $2 million/year tax rebate given the Marlins when they began play. That's over and above the oppressive lease terms he "negotiated" with himself for the club.
A few more details emerged about the Marlins' tentative deal with the city and county. The club would sign a 32-year lease at the new ballpark. Its $20 million equity contribution would be paid over time, as part of the construction of the park. The Marlins' rent, about $8 million/year, would go to pay off $127 million of construction bonds issued by Dade County. The club would be allowed to keep all money from in-stadium revenue sources, such as gift shops and concession stands -- which means that most or all of the $30 million financing gap could be closed through the sale of pouring rights and other concession contracts, unless the Marlins are already counting this third-party money as part of their own contribution.
Most importantly, the Marlins are responsible for all cost overruns on the stadium, whose $325 million budget sounds remarkably optimistic.
|
After the Florida legislature adjourned for the year last night without voting on proposals to give the Marlins the final $30 million of funding for their new stadium, Marlins president David Samson declared, "We will now discuss with the county and city all possibilities remaining which will enable us to complete a retractable-roof stadium by opening day 2007."
The Miami Herald reports, "not a word concerning the team and its last-minute bid was spoken publicly in either the House or the Senate on Friday." Nonetheless, a "source close to the negotiations said the team would still probably lobby state lawmakers next year for the sales tax rebate that has been given to many other professional sports teams in Florida, even if the team secures the $30 million this summer."
Yeah, that's going to work. "You already have the money, and the stadium's going ahead, but you still want us to give you $30 million? Hahahahaha!" Legislators remain understandably peeved at former owner Wayne "The Leech" Huizenga, who's still pocketing a $2 million/year tax rebate given the Marlins when they began play. That's over and above the oppressive lease terms he "negotiated" with himself for the club.
A few more details emerged about the Marlins' tentative deal with the city and county. The club would sign a 32-year lease at the new ballpark. Its $20 million equity contribution would be paid over time, as part of the construction of the park. The Marlins' rent, about $8 million/year, would go to pay off $127 million of construction bonds issued by Dade County. The club would be allowed to keep all money from in-stadium revenue sources, such as gift shops and concession stands -- which means that most or all of the $30 million financing gap could be closed through the sale of pouring rights and other concession contracts, unless the Marlins are already counting this third-party money as part of their own contribution.
Most importantly, the Marlins are responsible for all cost overruns on the stadium, whose $325 million budget sounds remarkably optimistic.
|
