Baseball Guru
02-05-2005, 10:11 AM
http://www.sun-sentinel.com/sports/sfl-24marlinsstadium,0,3082703.story?coll=sfla-sports-front
By Sarah Talalay
sun-sentinel.com
Posted February 4 2005, 12:29 PM EST
MIAMI -- The Marlins, Miami-Dade County and city of Miami have reached "an agreement in principle" to finance a $420 million ballpark east of the Orange Bowl that they plan to bring to county and city commissioners for approval within the next month.
Officials are still putting the finishing touches on a "Memorandum of Understanding" between the three parties on how to fund the construction of a 38,000-seat, retractable roof ballpark and parking garage, said Miami-Dade County Tax Collector Ian Yorty, who is overseeing the plan for the county.
"The negotiatons are near completion and we're still working on minor aspects," Yorty said.
County Manager George Burgess is scheduled to give a report on the baseball stadium proceedings to a committee of the county commission on Wednesday and a vote of the full commission is expected on March 1. The city commission will likely consider the deal later this month.
The Marlins have agreed to kick in $192 million with the county pledging $138 million in hotel bed and sports facilities taxes and the city promising $28 million in tourist development taxes. The $32 million garage is expected to pay for itself through parking fees.
The team has vowed to fund cost overruns through a variety of methods, including a lien on the franchise. The team will need to request a $10 million guarantee from Major League Baseball, but that might not be forthcoming.
The Marlins are hoping with local approval, that all three parties will travel to Tallahassee to lobby state legislators -- during their session beginning March 8 -- for a $60 million state sales tax rebate spread over 30 years to cover the final $30 million gap in construction funding. Legislative leaders and Gov. Jeb Bush have said they are willing to listen to the Marlins, if the team brings a completed local financing plan.
If approved, the "Memorandum of Understanding" will serve as a road map for a full legal agreement that will spell out all the terms and conditions of the ballpark construction and maintenance.
Also as part of the deal, if the ballpark is built, the team would be renamed the Miami Marlins.
By Sarah Talalay
sun-sentinel.com
Posted February 4 2005, 12:29 PM EST
MIAMI -- The Marlins, Miami-Dade County and city of Miami have reached "an agreement in principle" to finance a $420 million ballpark east of the Orange Bowl that they plan to bring to county and city commissioners for approval within the next month.
Officials are still putting the finishing touches on a "Memorandum of Understanding" between the three parties on how to fund the construction of a 38,000-seat, retractable roof ballpark and parking garage, said Miami-Dade County Tax Collector Ian Yorty, who is overseeing the plan for the county.
"The negotiatons are near completion and we're still working on minor aspects," Yorty said.
County Manager George Burgess is scheduled to give a report on the baseball stadium proceedings to a committee of the county commission on Wednesday and a vote of the full commission is expected on March 1. The city commission will likely consider the deal later this month.
The Marlins have agreed to kick in $192 million with the county pledging $138 million in hotel bed and sports facilities taxes and the city promising $28 million in tourist development taxes. The $32 million garage is expected to pay for itself through parking fees.
The team has vowed to fund cost overruns through a variety of methods, including a lien on the franchise. The team will need to request a $10 million guarantee from Major League Baseball, but that might not be forthcoming.
The Marlins are hoping with local approval, that all three parties will travel to Tallahassee to lobby state legislators -- during their session beginning March 8 -- for a $60 million state sales tax rebate spread over 30 years to cover the final $30 million gap in construction funding. Legislative leaders and Gov. Jeb Bush have said they are willing to listen to the Marlins, if the team brings a completed local financing plan.
If approved, the "Memorandum of Understanding" will serve as a road map for a full legal agreement that will spell out all the terms and conditions of the ballpark construction and maintenance.
Also as part of the deal, if the ballpark is built, the team would be renamed the Miami Marlins.