Thursday, July 29, 2004

Two bond projects could have been paid for with stadium funds

By Susan Stabley
Miami Today
 
Two projects totaling $105 million in costs that are part of Miami-Dade County's proposed General Obligation Bond had been under consideration for expenditure of tourist-tax funds now pledged for a new baseball stadium. Improvements to the Orange Bowl and the Miami Beach Convention Center have become part of the county's bond issue, set to go before voters in November. The county previously had considered tapping its Convention Development Tax fund to pay for those projects.
 
But county commissioners earlier this year decided to funnel $59 million from the tax fund toward a 38,000-seat stadium for the Florida Marlins on Southwest 17th Avenue next to the Orange Bowl in a preliminary agreement with the City of Miami. Another $23 million from the fund is obligated to pay off bonds used to build Miami Arena. If the arena is sold in an auction next month, that money is to be diverted to the proposed stadium.
 
Read the entire article here on the Miami Today website.