Marlins Agree To Fill Gap After Ballpark Bond Sale Falls Short
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Marlins Committed To Filling Funding Gap
In Order To Complete Retractable Roof Ballpark |
Miami-Dade County fell "short by $6.2[M] in its effort to sell bonds for a new Marlins ballpark" yesterday, but the team has "agreed to fill the gap should the dollars be needed to complete the 37,000-seat retractable roof ballpark," according to Sarah Talalay of the South Florida SUN-SENTINEL. Miami-Dade County Manager George Burgess at a meeting on the matter said that the county had "planned to sell $306[M] in bonds, but fell short," while a portion of the bonds "were set at a higher interest rate than the county had expected." This means the county's "commitment to payments will remain the same, but the gap needed filling," and Burgess said that "neither the county, nor city were willing to step up." Marlins President David Samson said, "If this building costs $515[M], the team will put in what's required. If it costs $512[M] that is what the team will do." County commissioners at their meeting last night also "approved three items, including agreeing to a higher interest rate on ... some of the bonds and adjusting the county's commitment to the project" to $341M, down from $347M. Talalay noted site preparation work on the ballpark is "expected to begin" today, and a "formal ground-breaking is scheduled on July 18" (SUN-SENTINEL.com, 6/30). In Miami, Matthew Haggman notes it was unclear last night if that schedule was "still on pace." Samson also "pledged that the project will not be scaled back at all" (MIAMI HERALD, 7/1).
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