Site prep work for the new Marlins Stadium has begun today (see webcam), despite the fact that Miami-Dade County fell $6.2 million short in its efforts to sell bonds for the new stadium, according to Sarah Talalay of the South Florida Sun-Sentinel. The stadium, which is to be located at the site of the former Orange Bowl in the Little Havana, nearly teetered on not getting the site prep underway due to the shortfall. As reported by Talalay:
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.
As for whether the deal includes more public subsidy, according to Marlins officials, the answer is no.
“We made a commitment in March," [Marlins President David] Samson said. "That commitment was there would be a certain amount of money the public would be committing and not one dollar more.”
Maury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is contributor to Baseball Prospectus, and is available as a freelance writer. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.
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