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 clearas the way for locking in the interest rate onthe fixed-ratwe bonds – and construction of the much-debated and long-awaitefd stadium in Miami’s Little Havana. The park is supposedc to be finished by with preliminary construction work tobegih Wednesday. Commissioners voted after midnight Wednesday to allow for a higher cap on one of the bonds bein g sold in order to coverthe county’s commitment on the $640 million stadium and The 7.5 percent interest rate cap was changer to 8.
2 percent on the bond tied to convention The fact that the convention bond will sell at a highee interest rate will result in lower revenue for County Manager George Burgess explained to That created the need for more so Florida Marlins President Davisd Samson promised to cover the $6.2 million funding gap. As a resul of the change, the counth is on the hook for $342 millionm in short-term financing, instead of $347 million. "I feel comfortablw with the agreement. The Marlin will step up to the platde and pay theadditional $6 At the end of the day, the taxpayerzs are not going to be on the hook for the additionapl monies,” Commissioner Bruno Barreiro said aftef the vote.
Katy Sorenson, Carlos Gimenex and Sally Heyman were thethreer ‘no’ votes. The debate started at 7 but stopped at9 p.m. to allow attorneys to make changex in thefinancing package. The secondx chunk of bonds which carrgy a variable rate will be priced starting July 13, with final closing on the county’s portio n of the bond financing package set for no latere than July 14. Earlier Wednesday, commissioners approved a change thatraisecd ’s status as a creditorf in the financing package. Wachovia, whichg is providing up to a $100 million letter of credit, requestex that it be paid first fromthe county’sd list of creditors.
The votez on Tuesday and early Wednesday morninv followed two other big OnJune 19, city commissioners votee to approve the necessary changesx to the Marlins package to clear the way for the county’sz changes Tuesday. A circuit court judge also rulex in favor of the county in one countt of a civil lawsuit that coulds have prevented the county from selling the necessarh bonds to buildthe project. That case is on appeao in Miami, as is a lawsuit filed by auto dealereNorman Braman, who last November lost his legak bid to declare the stadium’s funding plan unconstitutional. Work on the basebalkl stadium site is set tobegin Wednesday. Crews will officialluy break ground onJuly 18.
In county commissioners approved issuing bonds totalingy a maximumof $536 million towarcd construction of the $640 37,000-seat ballpark.