Tuesday, May 11, 2004
Plan hinges on ability to sell property
MIAMI -- County commissioners gave approval Tuesday to a preliminary $367 million financing plan to build a new stadium for the Florida Marlins.
Miami-Dade County commissioners voted 8-3 in favor of the plan to build a 38,000-seat, retractable roof ballpark next to the
Orange Bowl in Miami's Little Havana neighborhood. City
commissioners moved to endorse the plan last week.
Despite the approval, the plan still hinges on whether the city
can sell the Miami Arena and the parties can secure $30 million
from the state to fill a financing gap.
Terms that have been agreed upon include contributions from the Marlins, the city and county.
The team contribution has increased to $157 million, Miami-Dade County has increased its potential contribution to $120 million,
the city of Miami pledged $28 million, and another $32 million is
planned from parking revenues.
Marlins President David Samson said construction needs to begin in December or January to be ready for the planned opening date, April 2007.