Marlins Make Concessions For New Ballpark Ahead Of Vote
 |
Marlins To Assume Financial Responsibility
For Cost Overruns On New Ballpark |
Miami-Dade County and the city of Miami have negotiated from the Marlins "extra rent, more free tickets for community groups and other guarantees" for the team's proposed ballpark, according to Sarah Talalay of the South Florida SUN-SENTINEL. The Marlins' concessions, part of five agreements released yesterday, "spell out the financing, construction and operating details of the venue the team hopes to open" in '12. The agreements "hold the team responsible for cost overruns on the ballpark and on the public cost of adjacent road work," and also require 2% annual increases on the Marlins' $2.3M annual rent payment. If the team is sold within seven years, the "county and city will benefit, receiving in the first year" 18% of the profit, up from 10% in a previous agreement. The Marlins also have "doubled to 10,000 the number of tickets available each season free to youth and community groups." City and county commissioners both are scheduled to vote on ballpark agreements on February 13, but Marlins President David Samson and Miami-Dade County Manager George Burgess denied that the new deals were "negotiated to meet the concerns of skeptical commissioners" (South Florida SUN-SENTINEL, 1/28).
REELING IT IN: In Miami, Rabin & Dolan report renderings on the ballpark also were released yesterday, and the Marlins have "never been closer to having" their own ballpark. The park would be "surrounded by garages and parking lots that could fit up to 6,000 vehicles, intersected by walkways, with a grassy open field to the northwest just above home plate." The total cost for the facility, parking spaces included, will be $609M, with "almost two-thirds coming from the county, and the city donating land." The Marlins are slated to contribute $120M, and will repay Miami-Dade County another $35M in rent payments. Samson said that Marlins Owner Jeffrey Loria has "good relationships with banks 'that are eager to do business with us.'" The Marlins do not have to pay the $120M "until construction is almost complete." Meanwhile, the team's lease at Dolphin Stadium expires after the '10 season, and Marlins officials "hope to work out a one-year lease" at the stadium for the '11 MLB season with new Dolphins Owner Stephen Ross while the new ballpark is under construction (MIAMI HERALD, 1/28).
|
Related Stories By Company
|
Related Stories By Sport
|
San Jose Approves A's Ballpark Study
September 17, 2009 :
SportsBusiness Daily
Marlins Break Ground On New Ballpark
July 20, 2009 :
SportsBusiness Daily
Marlins Payroll Will Be Tied To Attendance
July 13, 2009 :
SportsBusiness Daily
Cost To Repay Marlins Bonds Is $2.4B
July 8, 2009 :
SportsBusiness Daily
Bond Sale For Marlins Ballpark Falls Short
July 1, 2009 :
SportsBusiness Daily
|
Boras, Manfred Talk About Finances Escalate
November 20, 2009 :
SportsBusiness Daily
Selig: Concerns Around Economy Still Exist
November 20, 2009 :
SportsBusiness Daily
MasterCard Present At WS DVD Premiere
November 20, 2009 :
SportsBusiness Daily
Hicks Hopes To Remain Rangers Majority Owner
November 19, 2009 :
SportsBusiness Daily
Selig Committed To Condensing Playoffs
November 19, 2009 :
SportsBusiness Daily
|
|
