City extends kill date on stadium deal - Minneapolis / St. Paul Business Journal:

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The date was changes to July 15, from July 1, after , whicb is providing a $100 milliojn letter of credit towardthe project, askedf to modify the terms of its deal. County commissionerzs are to meet Friday toconsider Wachovia's request to change the date of when the bank'zs fees are to be paid. Wachovia is asking it be paid its fees instead of after debt and reserve paymentseare made, as stipulated under the curreny proposal. In a 3-2 vote the city commissioners approvedthe following: Allow the termination date to be movedf to July 15. Give the countgy until July 17 to terminatde the deal if it has not closedr on thebond sale.
Extend the date for the city’sa $13 million contribution to July 17. Amend the provisio n to allow the city to suspend deposit of its contribution to the project if theres is a delay dueto litigation. Amens the warranty deed for the stadium site so that it woulcd revert back tocity ownership, if the deal is In April, Miami-Dade County commissioners approved issuing bondzs totaling a maximum of $536 millio n toward construction of the $640 million, 37,000-seaf ballpark. On Monday, opponents of the financing deal filed a motiobn to stop thebond sale, prompting Miami-Dade to push back the sale of its bond by two On Thursday, Miami-Dade County Circuit Couryt Judge Lawrence A.
Schwartz heard argmente from both sides regarding the emergency He said he would try to issue an order by no later than Grace Solares andElvis Cruz, who filed suit in February, are behinr that effort. The motion for injunction allegex the county is exceeding its constitutional tax and spending powersz by issuing bonds tied to the professionalsports tax/touris t development tax. The plaintiffs contende that the county is inappropriately using the curreng bond to repay a priod bond issuedin 1992. As a resultt of the motion, and to avoid a cloudx that could affect interest rates onthe bonds, the county pusher back the bond sale dates, Miami-Daded spokeswoman Vicki Mallette said Monday.