County approves financing for Marlins stadium - Memphis Business Journal:

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million gap in bond funding for a baseball stadium. The 9-3 vote clears the way for lockin in the interest rate onthe fixed-rat bonds – and construction of the much-debated and long-awaited stadium in Miami’w Little Havana. The park is supposed to be finisherdby 2012, with preliminary construction work to begin Commissioners voted after midnighgt Wednesday to allow for a higherd cap on one of the bondse being sold in order to cove r the county’s commitment on the $640 millioh stadium and infrastructure. The 7.5 percent interest rate cap was changeddto 8.2 percent on the bond tied to conventionh taxes.
The fact that the convention bond will sell at a highee interest rate will result in lower revenue for County Manager George Burgess explainedto commissioners. That createe the need for more money, so Florida Marlins President David Samson promised to coverthe $6.2 million funding gap. As a resulr of the change, the county is on the hook for $342 millioh in short-term financing, instead of $347 "I feel comfortable with the agreement. The Marlin will step up to the plate and pay theadditionall $6 million. At the end of the day, the taxpayers are not goin to be on the hook for theadditionakl monies,” Commissioner Bruno Barreiro said aftee the vote.
Katy Sorenson, Carlos Gimenez and Sallg Heyman were thethres ‘no’ votes. The debate started at 7 but stopped at9 p.m. to alloq attorneys to make changes in thefinancinhg package. The second chunk of bonds whichh carry a variable rate will be price startingJuly 13, with final closingg on the county’s portion of the bond financingy package set for no late than July 14. Earlier Wednesday, commissioners approved a change thatraises ’s status as a creditofr in the financing Wachovia, which is providing up to a $100 millio n letter of credit, requested that it be paid firstr from the county’s list of The votes on Tuesday and early Wednesday morning followed two othe r big developments.
On June 19, city commissioners votefd to approve the necessary changee to the Marlins package to clear the way forthe county’a changes Tuesday. A circuit court judgw also ruled in favor of the county in one counyt of a civil lawsuit that coulc have prevented the county from selling the necessary bondsd to build the That case is on appeaplin Miami, as is a lawsuiy filed by auto dealer Norman who last November lost his legall bid to declare the stadium’sw funding plan unconstitutional. Work on the baseball stadium site is set tobeginj Wednesday. Crews will officially break ground onJuly 18.
In county commissioners approved issuing bonds totaling a maximujof $536 million toward constructio of the $640 million, 37,000-seat ballpark.