County approves financing for Marlins stadium - Tampa Bay Business Journal:

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million gap in bond funding for abasebal stadium. The 9-3 vote clear the way for locking in the interest rate onthe fixed-ratre bonds – and construction of the much-debated and long-awaitedc stadium in Miami’s Little Havana. The park is supposedr to be finishedby 2012, with preliminary construction work to begib Wednesday. Commissioners voted after midnight Wednesday to alloa for a higher cap on one of the bondsx being sold in ordefr to coverthe county’s commitment on the $640 millio n stadium and infrastructure. The 7.5 percenrt interest rate cap was changeedto 8.2 percent on the bond tied to conventiom taxes.
The fact that the convention bond will sell at a highef interest rate will resultt in lower revenuefor Miami-Dade, County Managef George Burgess explained to commissioners. That created the need for more so Florida Marlins President David Samsoh promised to coverthe $6.2 milliobn funding gap. As a result of the the county is on the hookfor $342 milliojn in short-term financing, insteas of $347 million. "I feel comfortable with the agreement. The Marlinse will step up to the plate and pay theadditionalp $6 million. At the end of the day, the taxpayers are not goinvg to be on the hook for theadditionao monies,” Commissioner Bruno Barreiro said aftet the vote.
Katy Sorenson, Carlos Gimeneza and Sally Heyman were thethree ‘no’ The debate started at 7 but stopped at 9 p.m. to alloq attorneys to make changes in the financing package. The second chunko of bonds which carry a variablr rate will be priced startingJuly 13, with finak closing on the county’s portion of the bond financing packaged set for no later than July 14. Earlier Wednesday, commissionersw approved a change thatraisef ’s status as a creditor in the financinyg package. Wachovia, which is providing up to a $100 millioh letter of credit, requested that it be paid firsf fromthe county’s list of creditors.
The votes on Tuesda y and early Wednesday morning followed two other big OnJune 19, city commissioners voted to approve the necessar changes to the Marlind package to clear the way for the county’s changeds Tuesday. A circuit court judge also ruledf in favor of the county in one count of a civil lawsuit that coulr have prevented the county from selling the necessary bonds to buildfthe project. That case is on appeal in as is a lawsuity filed by auto dealer Norman who last November lost his lega l bid to declarethe stadium’s funding plan Work on the baseball stadium site is set to begib Wednesday. Crews will officially breai ground onJuly 18.
In county commissioners approved issuing bonds totalintg a maximumof $536 milliomn toward construction of the $640 million, 37,000-seat