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Dade Goes Into The Bond Market For Marlins Stadium

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Apr 7, 2009 2:39 pm US/Eastern

Dade Goes Into The Bond Market For Marlins Stadium

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MIAMI (CBS4) ―

Miami-Dade County commissioners on Tuesday approved by an 8 to 4 vote allowing the county manager and the county finance team to raise more than $300 million in the bond market which would contribute to the construction budget of the Marlins baseball stadium to be built in Little Havana.

When the plan was approved on March 24th, the county, which will own the 37,000-seat venue,  is authorized to contribute $297 million in county hotel bed taxes and $50 million general obligation bonds.

The City of Miami will donate the land and $13 million in bed taxes. They will also build the parking lots, the cost of which will be repaid by the team.
 
The Marlins will contribute $155 million including $35 million for rent and cover cost overruns.

Construction is slated to begin in July of this year. If all goes as planned the stadium will be ready by Opening day 2012.

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