Friday, May 07, 2004
Miami Commissioners Back Plan for $367 million Marlins Ballpark at Orange Bowl
The vote was largely symbolic, since the hold-up in the Marlins' plans relates to state, not local, funding. Miami Commissioner Joe Sanchez estimates the proposed park has only a 65% chance of being built. Sarah Talalay of the South Florida Sun-Sentinel describes the financing plan:
Under the plan, the team would make an upfront payment of $20 million, rent payments totaling $127 million for 32 years and contribute $10 million from a ticket surcharge. The city, which is providing land at the Orange Bowl and plans to acquire about 28 pieces of property, would contribute $28 million in tourist taxes and help finance a $32 million, 2,500-car garage expected to pay for itself through parking fees. The county would contribute $120 million in hotel bed and sports facilities taxes.
A $30 million hole remains -- money the Marlins tried and failed to get from the State of Florida during this year's legislative session, in the form of a $2 million/year sales tax rebate. Marlins President David Samson says the club will press on with plans to start construction this year, while hoping the state comes through in 2005.
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The vote was largely symbolic, since the hold-up in the Marlins' plans relates to state, not local, funding. Miami Commissioner Joe Sanchez estimates the proposed park has only a 65% chance of being built. Sarah Talalay of the South Florida Sun-Sentinel describes the financing plan:
Under the plan, the team would make an upfront payment of $20 million, rent payments totaling $127 million for 32 years and contribute $10 million from a ticket surcharge. The city, which is providing land at the Orange Bowl and plans to acquire about 28 pieces of property, would contribute $28 million in tourist taxes and help finance a $32 million, 2,500-car garage expected to pay for itself through parking fees. The county would contribute $120 million in hotel bed and sports facilities taxes.
A $30 million hole remains -- money the Marlins tried and failed to get from the State of Florida during this year's legislative session, in the form of a $2 million/year sales tax rebate. Marlins President David Samson says the club will press on with plans to start construction this year, while hoping the state comes through in 2005.
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