Cost To Repay Marlins Ballpark Bonds Higher Than Expected
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Total Required To Repay Marlins Ballpark
Bonds Exceeds Earlier Estimates |
It will cost $2.4B, spread over 40 years, to repay $409M in bonds that will "primarily, though not exclusively," cover the construction of the Marlins' new ballpark, according to Matthew Haggman of the MIAMI HERALD. Documents released by JP Morgan and Merrill Lynch, who are underwriting the bonds, indicated that the $2.4B total "exceeds earlier estimates, which pegged final costs" at $1.8-2B. One $91M bond offering alone will cost, with interest, more than $1B to repay. The bonds are "backed by tourist-tax dollars, but if those numbers don't meet projections, the county can dip into the general fund." Miami-Dade County is "paying higher interest rates than anticipated -- and is putting off huge pieces of the repayment until decades down the road" -- which means interest will "compound year after year, raising the total." Ballpark critics said that the total "shows the team should have put up more money, which could have significantly lowered the ultimate public payout." The Marlins are contributing $120M "toward construction, plus the repayment of a $35[M] county loan," but the team "doesn't have to pay until the final phases of construction." Haggman notes the 37,000-seat ballpark is "slated to be ready Opening Day 2012" (MIAMI HERALD, 7/8).
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