Blackjack76 Posted February 4, 2005 Share Posted February 4, 2005 In today's Sports Business Daily:-----Welcome To Miami: Marlins And County Reach Stadium Deal Marlins Agree To Change Name To Gain County?s Backing Of Funding Plan Miami-Dade County Tax Collector Ian Yorty said that the county and the Marlins have reached an ?agreement in principle? on funding for a $420M retractable-roof ballpark next to the Orange Bowl ?that would give the county and the city of Miami a lien on the franchise if the team can?t cover cost overruns,? according to Barry Jackson of the MIAMI HERALD. As part of the agreement, the team will contribute $192M and ?eventually change its name to the Miami Marlins.? The funding plan still has a $30M gap, and the Marlins ?will ask the state Legislature for a $60[M] sales tax rebate over 30 years, which would allow the team to borrow $30[M] to use toward stadium financing.? Miami City Manager Joe Arriola said that the team has also ?agreed to seek another cost overrun guarantee? of $10M from MLB. The city will provide the land next to the Orange Bowl, ?as well as help finance a $32[M], 2,500-space parking garage.? The ?memorandum of understanding? must still be approved by Arriola, ?who voiced no objections,? and County Manager George Burgess. The deal ?would then have to be approved by the city and county commissions? (MIAMI HERALD, 2/4).-----Let the "Miami Marlins" concepts begin!!!!! Link to comment Share on other sites More sharing options...
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