BRADENTON, Fla. - The Florida Marlins last Thursday finally won approval for a new $525 million ballpark from the city of Miami and Miami-Dade Countycommissioners, but it is unclear if the deal will be affected by several lawsuits aimed at blocking it.
City commissioners, on a 4-to-1 vote, approved a baseball stadium agreement outlining the bond financing plan and other elements, such as the Major League Baseball team remaining in South Florida for 35 years and changing its name to the Miami Marlins.
County commissioners approved the agreement 9 to 3 in a separate meeting.
Under the agreement, the county will contribute $347 million to be paid from $50 million of general obligation bonds and revenue bonds secured by tourist and convention taxes.
The team will provide $155 million, with $120 million to come from private financing. Another $35 million would come from annual rent payments of approximately $2.3 million to the county. The team also will pay for cost overruns.
Miami is donating the 13-acre site and paying $10 million to raze the Orange Bowl, a 71-year-old football stadium. The city also will provide $13 million toward construction and another $94 million to build 6,000 parking spaces in a garage and surface-level lot.
Norman Braman, a local auto dealer, has filed several legal challenges to the ballpark, which is tied to a series of projects the city and county have approved. One lawsuit filed in January challenges the county's use of $50 million of GOs to finance part of its obligation to the Marlins' new stadium.
