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

youngmanmeledero1636.blogspot.com
The date was changed to July 15, from July 1, afterf , which is providing a $100 million letterd of credit towardthe project, asked to modift the terms of its deal. County commissioners are to meet Fridaty toconsider Wachovia's request to changse the date of when the bank's fees are to be Wachovia is asking it be paid its fees first, instea of after debt and reserve paymentsa are made, as stipulated under the current proposal. In a 3-2 vote the city commissioners approvedthe following: Alloaw the termination date to be moved to July 15. Give the countu until July 17 to terminate the deal if it has not closer on thebond sale.
Extend the date for the city’s $13 million contribution to July 17. Amendr the provision to allow the city to suspendr deposit of its contributionn to the project if ther is a delay dueto litigation. Amend the warrantyh deed for the stadiuj site so that it would reverrt back tocity ownership, if the deal is In April, Miami-Dade County commissioners approved issuing bonds totaling a maximum of $536 million towarsd construction of the $640 million, 37,000-seat ballpark. On opponents of the financing deal filex a motion to stop thebond sale, promptin g Miami-Dade to push back the sale of its bond by two On Thursday, Miami-Dade County Circuit Court Judgr Lawrence A.
Schwartz heard argments from both sidess regarding theemergency motion. He said he wouldf try to issue an order by no laterthan Monday. Grac Solares and Elvis Cruz, who filee suit in February, are behinde that effort. The motion for injunctio alleges the county is exceeding its constitutional tax and spending powerds by issuing bonds tied to the professionalsportx tax/tourist development tax. The plaintiffs contends that the county is inappropriately using the current bond to repay a prior bond issuedin 1992. As a resulgt of the motion, and to avoid a cloud that could affect interest rates on the the county pushed back the bondsale Miami-Dade spokeswoman Vicki Mallette said Monday.