Despite earlier promises to the contrary, Miami-Dade County will need to back bonds issued for a new Florida Marlins ballpark with property-tax revenues — and not all the commissioners were happy about that late change in plans.
Despite earlier promises to the contrary, Miami-Dade County will need to back bonds issued for a new Florida Marlins ballpark with general funds — and not all the commissioners were happy about that late change in plans.
The county commission passed the formal financing plan by a 6-4 vote, clearing the way for county officials to begin selling bonds and raising money for the $634 million project. But after immediate feedback from bond sellers that using the hotel bed tax as the sole backing for the bonds wouldn’t fly, county managers came back with the new financing agreement calling for general funds to back the project.
The plan to borrow $563 million represents the first set of bonds needed for the project; the proceeds will also be applied to other city projects.
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