Stadium Agreement Has Been Reached (Wait a Couple More Days)

They had the copier working overtime printing out 94-page documents, just in time for many commissioners in Miami-Dade county to have their 'late Saturday night' interrupted by couriers knocking on their doors. (Good timing.)

The Herald and Sun-Sentinel at the moment still disagree on the final tally: is it $525 million or $515 million? Does it matter? - no; these are more-than-likely fantasy numbers anyway.

Based on the newspapers' recaps, here's what the participants have to do....


The City of Miami has to...

1.) "contribute the land"
2.) contribute "$13 million in hotel bed taxes"
3.) "spend $10 million for demolition of the Orange Bowl and preparation of the site"
4.) "spend $94 million on a 6,000-car parking garage"


Miami-Dade County has to...

1.) pay "$347 million that includes a $50 million general obligation bond approved by voters in 2004 to renovate the Orange Bowl that will instead be moved to the ballpark project, and hotel bed and sports facilities taxes. The reason the county's contribution has ballooned from earlier proposals is that it now counts $88 million in tourist development taxes that it would otherwise pass through to the city, the document shows."
2.) "help identify" downtown office space for the Marlins
3.) "own the stadium"

The Marlins have to...

1.) "pay $120 million upfront"
2.) pay "$35 million...in the form of annual rent payments" "of $2.3 million"
3.) make "annual payments of $750,000 toward capital improvements -- one of the major sticking points during the two-month negotiations."
4.) "cover cost overruns, unless delays are caused by the city or county."
5.) "buy most of the parking spaces annually as a way to cover debt service on the (parking garage), and then re-sell the spots."
6.) "not relocate for 35 years"
7.) "change its name to the Miami Marlins"

"All three have agreed to fund the venue's $2 million annual maintenance and operations costs." (I'm guessing the $750,000 annual Marlins payment is their part of this $2 million.)

Also no word in the recaps about the fate of Homestead, and whether they'll be considered for a minor-league or some other team for their mostly-unused stadium.

Now it's time to wait till Thursday, where both commissions will meet to discuss the agreement.

MORE: The agreement (downloadable here) still hopes the State will give a sales-tax break on construction materials for the ballpark. And the City and County is allowed to hold only eight community events at the stadium, down from the previously discussed twelve. And, if a seperate resolution is approved on the 18th, the parties will "study the feasibility" of reinvigorating the Homestead ballpark.

STILL-MORE: Commissioners get crabby about the agreement, think it will still pass anyway.