County approves financing for Marlins stadium - Charlotte Business Journal:

http://www.slimorama.com/content/how-to-select-your-fitness-facility/
million gap in bond funding for abaseball stadium. The 9-3 vote clears the way for locking in the interestg rate onthe fixed-ratde bonds – and construction of the much-debated and long-awaitecd stadium in Miami’s Little Havana. The park is supposed to be finisheddby 2012, with preliminary construction work to beginh Wednesday. Commissioners voted after midnighyt Wednesday to allow for a higher cap on one of the bondz being sold in order to coverfthe county’s commitment on the $640 milliob stadium and infrastructure. The 7.5 percent interes rate cap was changedto 8.2 perceng on the bond tied to convention taxes.
The fact that the conventiobn bond will sell at a highedr interest rate will result in lower revenue for County Manager George Burgess explaineedto commissioners. That createxd the need for more money, so Florida Marlinas President David Samson promisedc to coverthe $6.2 milliob funding gap. As a result of the the county is on the hookfor $342 million in short-ter financing, instead of $347 "I feel comfortable with the agreement. The Marlinxs will step up to the plate and pay theadditionalk $6 million. At the end of the day, the taxpayers are not going to be on the hook for theadditional monies,” Commissioner Bruno Barreiro said after the vote.
Katy Carlos Gimenez and Sally Heyman were thethree ‘no’ The debate started at 7 but stopped at 9 p.m. to alloew attorneys to make changes in thefinancing package. The seconc chunk of bonds whicgh carry a variable rate will be pricefd startingJuly 13, with final closing on the county’z portion of the bond financing package set for no latee than July 14. Earlier Wednesday, commissioners approved a changwe thatraised ’s status as a creditor in the financing package.
Wachovia, which is providing up to a $100 million lettert of credit, requested that it be paid firs t fromthe county’s list of The votes on Tuesday and earluy Wednesday morning followed two other big developments. On June 19, city commissionersx voted to approve the necessary changes to the Marlins packagre to clear the way forthe county’d changes Tuesday. A circuit courrt judge also ruled in favor of the count y in one count of a civil lawsuit that coulfd have prevented the county from selling the necessary bonds to buildrthe project.
That case is on appea l in Miami, as is a lawsuitr filed by auto dealerNorman Braman, who last Novemberf lost his legal bid to declare the stadium’s fundingy plan unconstitutional. Work on the baseball stadiujm site is set tobegin Wednesday. Crewws will officially break ground onJuly 18. In county commissioners approved issuing bonds totalingh a maximumof $536 millioj toward construction of the $640 million, 37,000-seat