For $2.4 Billion, Marlins Better Draw Fans
The long and arduous struggle for the Florida Marlins to acquire attractive land and reasonable financing for a new stadium was finally "solved" earlier this year, when the team announced plans to build a brand new park in Miami-Dade County. Now that the plans have all been approved, the County Manager for Miami-Dade had to set out to figure out exactly how much the stadium is going to cost.
The final tally? Approximately $2.4 billion. That's billion with a "b." Seriously.
No, the stadium isn't going to cost $2.4 billion to build, but it's going to cost that much across 40 years to finance the bonds needed to raise the $450 million that will pay for most of the construction costs, according to this article from the Sun-Sentinel. The construction bonds were issued last week in New York, and while the bonds are set to be backed by tourist-tax dollars (hence those astronomical hotel tax numbers you get when you visit South Beach), it's entirely possible, likely even, that the county will also have to dip into funding from its general fund to completely finance the new retractable roof park.
All of these costs are being footed by the county because it eventually caved to team ownership, which insisted on a publicly funded stadium under the threat of moving the team. With the everpresent empty seats throughout Dolphins Stadium, one almost wonders why the county council didn't just let the team leave.
"It is very expensive money," said Miami-Dade County Commissioner Katy Sorenson, who voted against the deal. "Who knows what we could have gotten out of them if we had tougher negotiators."
Who knows indeed. And who really knows whether a shiny new park will draw any more fans. Miami-Dade County better hope so, or this may go down as one of the most costly public referendum results in Florida state history.
Posted by: cprferry | July 13, 2009 11:02 AM | Report abuse
Posted by: Juan-John | July 13, 2009 11:06 AM | Report abuse
Posted by: orange2299 | July 13, 2009 11:34 AM | Report abuse
Posted by: wm49rs | July 13, 2009 4:16 PM | Report abuse
Posted by: fetrew | July 14, 2009 6:54 AM | Report abuse
Posted by: comish4lif | July 14, 2009 11:57 AM | Report abuse
The comments to this entry are closed.