Marlins stadium deal, pt. XXXLVIII

[G.cracker]

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!

[WD]

I think this deal will go through, this is exactly what this team needs

[heat4life]

Finally something that actually makes sense for all parties.

[Lane1974]

asking Loria to cough up 155 million up front? I'll believe it when I see it. He can't even put the building up as collateral for a loan because it will owned by the city.

[Lane1974]

w00t?

Marlins President: We can get the money for a new stadium
Posted on Thu, Dec. 13, 2007Digg del.icio.us AIM reprint print email
BY CHARLES RABIN
crabin@MiamiHerald.com
Related Content
Miami, Dade leaders reveal multibillion-dollar downtown plan
Moments after Miami commissioners voted Thursday to move forward with one of the most ambitious public works projects in city history, Florida Marlins President David Samson said the organization has never been closer to having a permanent home.

Samson said the Marlins support the plan to build a new stadium at the former Orange Bowl site -- including coming up with $155 million. Following the city's vote Thursday, Miami-Dade Commissioners will take up the issue next week.

''This is one of the two days we've been waiting for,'' Samson said.

Without ruling out the possibility of seeking investors to help with financing, Samson said the Marlins are capable of coming up with $155 million -- its share of the proposed $525 million stadium.

''When we negotiate something we have to be able to stand behind it,'' Samson said in the lobby of Miami City Hall. ''I think over the past 13 years and three ownership groups, this is certainly the closest,'' the team has been to having its own stadium.

Plans to build the team its own stadium have failed repeatedly through the years, mostly because of a funding gap of around $30 million that Tallahassee lawmakers refused to fill.

But with comet-like speed this week, the team no longer needs the state support.

On Tuesday County Manager George Burgess unveiled a plan to build the team a 37,000-seat stadium with a retractable roof and 60 luxury suites at the Little Havana Orange Bowl site. Funding would come from the county, city and team.

Though careful to acknowledge several key steps remain, Samson said everything seems to be moving in the right direction.

''Right now, we're very much on the same page,'' he said.

[Flash3]

As long as something is done before Hanley becomes a FA, fine. But, even then it might be too late, and he'll be a Red Sock or something else....

[G.cracker]

It's a rough rendering of the Marlins stadium. Or a spaceship.

I was hoping they'd honor the OB by replicating some of its architecture the way Camden did.

[Lane1974]

the top one looks like a robo puppy

[heat4life]

Nothing pretty about that design.

[Flash3]

Tax Money is going to pay this thing?