Downtown Miami Baseball Stadium Deal Clears First of Three Hurdles

Sigo, Shelly
February 2005
Bond Buyer;2/25/2005, Vol. 351 Issue 32078, p3
Trade Publication
This article reports that Miami City Commissioners have agreed with terms of a memorandum of understanding, which calls for the city to issue $120 million of revenue bonds as their share of the cost to build a $420-million ballpark for the Florida Marlins. The city's approval is the first in a three step plan toward building a 38,000-seat, retractable-roof stadium and parking facilities for the Major League Baseball team near downtown Miami. The $420 million will be financed with $30 million from the Marlins, $120 million of debt issued by the city, and $270 million debt issued by the county. The city will issue $28 million of revenue bonds secured by tourist taxes, and another $60 million of revenue bonds secured by a convention development tax, as well as $32 million of revenue bonds secured by parking fees, for a total of $120 million of debt toward the project.


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