Marlins stadium deal, pt. XXXLVIII
Posted: Wed Dec 12, 2007 3:31 pm
Here is the latest deal memo between the County and the team.
http://www.co.miami-dade.fl.us/govactio ... 073661.pdf
Apparently the Marlins and MLB have agreed to the OB site. the cost has gone up to $525, which is where most of us thought it would be and scoffed at the initial under $300 tag.
Here are some interesteing notes I got from reading it:
* The Marlins now must pay $155M up front, which is less overall, but puts the burden on Loria and MLB, which I think is better.
* They had to do this vs rent payments as those payments would have eaten into revenue sharing per MLB rules, which protects them should they not field a competative salaried team. Hope that doesn;t mean that's their plan.
* This price does not include a proposed parking garage structure, which the City of Miami must build at their own expense, but gets all revenue from it seems, even on game days.
* Also doesn't include demolition, which is at City's expense, but perhaps the City can hoodwink some Bad Boys 3 or some desperate expensive movie to cover to blow it up as part of the movie.
* The proposal calls for constuction to begin no later than November 2008, and hopefully before as that leaves an aggressive construction window.
* The plan is to be ready for Opening Day 2011, though some papers reporting 2010.
* The team will change their name to the Miami Marlins before Opening Day 2011 (perhaps even if the stadium isn't ready)
* The County included a declining percentage payment of any profit derived from the sale fo the marlisn to any ownership group, starting at 10%. This is smart because EVERYONE is convinced that Loria will sell as soon as the stadium is guaranteed (or perhaps wait until built since they profit with low salaries). It also GUARANTEES we will not have this ownership group much longer, at least as principal owners.
* The value the franchise currently at $250M. Kind of high IMO. But if this deal gets done, they could ask for $4-500M IMO. The multibiliionaire head of Cisneros has already offered to buy and the city of Miami told Loria to sell to them, which Loria looked at as anti-white discrimination. But he is holding out knowing he'll make a greater profit once this deal is done.
* The County is proposing the team's designers look at Tampa's new design, which is an open air stadium without overall AC (in suites of course) and utilizes a sail material as a retractable roof. This is a cool idea and could be very attractive and iconic, plus wopuld allow for perhaps retaining that great view and breeze of downtown that the OB has. But there is some value in building a more permanent structure roof in that the building could better host events like the NCAA tournament, which I'm told would like to be here but the AAA is too small, better acoustic concerts to compete with Sound Advice, and could even be used as a Hurrican shelter if needed, which in that area makes a lot of sense.
* It isn;t contingent on getting the state refund. I'm sure they will go for it anyway. They will not get it this year with all these property tax cuts looming, but eventually they will I would guess. Now that the Magic is good again and they want a new arena, there will be more legislators across the state willing to amend to new ownership groups at new venues.
Hope this version is the final version!
http://www.co.miami-dade.fl.us/govactio ... 073661.pdf
Apparently the Marlins and MLB have agreed to the OB site. the cost has gone up to $525, which is where most of us thought it would be and scoffed at the initial under $300 tag.
Here are some interesteing notes I got from reading it:
* The Marlins now must pay $155M up front, which is less overall, but puts the burden on Loria and MLB, which I think is better.
* They had to do this vs rent payments as those payments would have eaten into revenue sharing per MLB rules, which protects them should they not field a competative salaried team. Hope that doesn;t mean that's their plan.
* This price does not include a proposed parking garage structure, which the City of Miami must build at their own expense, but gets all revenue from it seems, even on game days.
* Also doesn't include demolition, which is at City's expense, but perhaps the City can hoodwink some Bad Boys 3 or some desperate expensive movie to cover to blow it up as part of the movie.
* The proposal calls for constuction to begin no later than November 2008, and hopefully before as that leaves an aggressive construction window.
* The plan is to be ready for Opening Day 2011, though some papers reporting 2010.
* The team will change their name to the Miami Marlins before Opening Day 2011 (perhaps even if the stadium isn't ready)
* The County included a declining percentage payment of any profit derived from the sale fo the marlisn to any ownership group, starting at 10%. This is smart because EVERYONE is convinced that Loria will sell as soon as the stadium is guaranteed (or perhaps wait until built since they profit with low salaries). It also GUARANTEES we will not have this ownership group much longer, at least as principal owners.
* The value the franchise currently at $250M. Kind of high IMO. But if this deal gets done, they could ask for $4-500M IMO. The multibiliionaire head of Cisneros has already offered to buy and the city of Miami told Loria to sell to them, which Loria looked at as anti-white discrimination. But he is holding out knowing he'll make a greater profit once this deal is done.
* The County is proposing the team's designers look at Tampa's new design, which is an open air stadium without overall AC (in suites of course) and utilizes a sail material as a retractable roof. This is a cool idea and could be very attractive and iconic, plus wopuld allow for perhaps retaining that great view and breeze of downtown that the OB has. But there is some value in building a more permanent structure roof in that the building could better host events like the NCAA tournament, which I'm told would like to be here but the AAA is too small, better acoustic concerts to compete with Sound Advice, and could even be used as a Hurrican shelter if needed, which in that area makes a lot of sense.
* It isn;t contingent on getting the state refund. I'm sure they will go for it anyway. They will not get it this year with all these property tax cuts looming, but eventually they will I would guess. Now that the Magic is good again and they want a new arena, there will be more legislators across the state willing to amend to new ownership groups at new venues.
Hope this version is the final version!