Post by THE Mister Marlin on Dec 13, 2007 19:54:44 GMT -5
MIAMI -- The latest plan to secure funding for a retractable-roof stadium for the Marlins outlines a number of give-and-take proposals.
At a meeting on Tuesday night, Miami-Dade County manager George Burgess presented a revised financing plan that would require the Marlins to pay more up-front money to the project, but in the long run the county would foot more of the total bill.
With an official from Major League Baseball on hand, Marlins president David Samson called the next 10 days "critical" in the lingering stadium stalemate that has hovered over the franchise for more than a decade. MLB attorney Irwin Raij attended the meeting, hearing the particulars on the proposed $525 million stadium that would give the franchise long-term security in South Florida. The lease being discussed would be for more than 30 years, but many key details are not yet finalized.
The proposed site the Marlins and local officials are considering is at the Orange Bowl.
"We finally got a document," Samson said. "We're still going through it."
Samson remains hopeful that in the next 10 days negotiations will progress to the point where a deal can get done. On Thursday, Marlins officials will have another round of meetings with Miami officials.
Burgess' revised plan calls for the Marlins to contribute $155 million on the front end of the deal. Initially, the team was committed to $45 million of up-front money, along with rent payments over the lease of the stadium.
Miami-Dade County, meanwhile, will increase its input to $199 million (from $145 million), with most of that total coming from tourist dollars. The city of Miami, also using mostly tourist tax dollars, is chipping in $121 million. Additionally, the stadium effort would receive a $50 million general obligation bond.
The retractable-roof park would seat 37,000.
Initially, the Marlins were committing $207 million total to the stadium, making annual payments in addition to their $45 million up front.
Those altered figures would decrease the percentage of public financing from 95 percent to 70 percent.
The financial plan outlined by Burgess does not include any monies from the state of Florida, which for years has declined giving the stadium effort a $60 million sales-tax rebate that would be spread out over 30 years.
There is a sense of urgency in the Marlins' stadium efforts because the team is under lease at Dolphin Stadium through the 2010 season.
If a deal can be struck, all sides are hopeful the Marlins would be able to move into a new ballpark in April 2010.
The stadium would be owned by the county, and part of the deal is the Marlins agreeing to a non-relocation clause. The club also would be responsible for stadium overrun costs. The city of Miami, meanwhile, would fund a 6,000-car garage.
At a meeting on Tuesday night, Miami-Dade County manager George Burgess presented a revised financing plan that would require the Marlins to pay more up-front money to the project, but in the long run the county would foot more of the total bill.
With an official from Major League Baseball on hand, Marlins president David Samson called the next 10 days "critical" in the lingering stadium stalemate that has hovered over the franchise for more than a decade. MLB attorney Irwin Raij attended the meeting, hearing the particulars on the proposed $525 million stadium that would give the franchise long-term security in South Florida. The lease being discussed would be for more than 30 years, but many key details are not yet finalized.
The proposed site the Marlins and local officials are considering is at the Orange Bowl.
"We finally got a document," Samson said. "We're still going through it."
Samson remains hopeful that in the next 10 days negotiations will progress to the point where a deal can get done. On Thursday, Marlins officials will have another round of meetings with Miami officials.
Burgess' revised plan calls for the Marlins to contribute $155 million on the front end of the deal. Initially, the team was committed to $45 million of up-front money, along with rent payments over the lease of the stadium.
Miami-Dade County, meanwhile, will increase its input to $199 million (from $145 million), with most of that total coming from tourist dollars. The city of Miami, also using mostly tourist tax dollars, is chipping in $121 million. Additionally, the stadium effort would receive a $50 million general obligation bond.
The retractable-roof park would seat 37,000.
Initially, the Marlins were committing $207 million total to the stadium, making annual payments in addition to their $45 million up front.
Those altered figures would decrease the percentage of public financing from 95 percent to 70 percent.
The financial plan outlined by Burgess does not include any monies from the state of Florida, which for years has declined giving the stadium effort a $60 million sales-tax rebate that would be spread out over 30 years.
There is a sense of urgency in the Marlins' stadium efforts because the team is under lease at Dolphin Stadium through the 2010 season.
If a deal can be struck, all sides are hopeful the Marlins would be able to move into a new ballpark in April 2010.
The stadium would be owned by the county, and part of the deal is the Marlins agreeing to a non-relocation clause. The club also would be responsible for stadium overrun costs. The city of Miami, meanwhile, would fund a 6,000-car garage.
