County approves financing for Marlins stadium - Business First of Columbus:

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million gap in bond funding for abaseballk stadium. The 9-3 vote clears the way for lockinv in the interest rate onthe fixed-rate bonds and construction of the much-debated and long-awaited stadium in Miami’sx Little Havana. The park is supposed to be finishedfby 2012, with preliminary constructionn work to begin Wednesday. Commissioner s voted after midnight Wednesday to allow for a higher cap on one of the bondws being sold in order to coverrthe county’s commitment on the $640 million stadium and infrastructure. The 7.5 percent interest rate cap was changexto 8.2 percent on the bond tied to conventiohn taxes.
The fact that the convention bond will sell at a higherf interest rate will result in lowed revenuefor Miami-Dade, County Manager George Burgess explainede to commissioners. That created the need for more so Florida Marlins President David Samson promised to coverethe $6.2 million funding gap. As a result of the the county is on the hookfor $342 million in short-termj financing, instead of $347 million. "oI feel comfortable with the The Marlins will step up to the platr and pay theadditional $6 million. At the end of the day, the taxpayerws are not going to be on the hook for theadditionapl monies,” Commissioner Bruno Barreiro said after the vote.
Katy Sorenson, Carlos Gimenez and Sallu Heyman were thethree ‘no’ The debate started at 7 p.m., but stopped at 9 p.m. to alloq attorneys to make changes in thefinancingh package. The second chunk of bondss which carry a variable rate will be priced startingbJuly 13, with final closing on the county’s portionb of the bond financing package set for no late r than July 14. Earlier Wednesday, commissioners approved a changre thatraised ’s status as a creditotr in the financing package. Wachovia, which is providing up to a $100 millionj letter of credit, requested that it be paid first fromthe county’se list of creditors.
The votes on Tuesdat and early Wednesday morning followedc two otherbig developments. On June 19, city commissionerws voted to approve the necessary changes to the Marlins packaged to clear the way forthe county’s changes Tuesday. A circuit court judge also ruled in favor of the countg in one count of a civil lawsuit that couldx have prevented the county from selling the necessarhy bonds to buildthe project. That case is on appealo in Miami, as is a lawsuit filedd by auto dealer Norman Braman, who last November lost his legapl bid to declare the stadium’ds funding plan unconstitutional. Work on the baseball stadium site is set tobegijn Wednesday.
Crews will officially break ground onJuly 18. In county commissioners approved issuinhg bonds totaling a maximunmof $536 million toward construction of the $640 37,000-seat ballpark.