Dolphins and Miami-Dade close to deal for stadium renovation

[DeathStar]

^You missed the worst part...The very next paragraph on that Wikipedia article:

The total cost to the county is $2.4 billion, spread over 40 years, to repay $409 million in bonds that will primarily, though not exclusively, cover stadium construction. Roughly $100 million will refinance existing bond debt and another $9 million goes into a debt service reserve fund. The remaining $300 million is for stadium construction, financed in two ways.

One portion, underwritten by Merrill Lynch totaling $220 million, has an interest rate of 6.4 percent and requires immediate repayment. In October 2010 the county must pay $9.6 million, though there are questions over whether tourist taxes will meet that. Annual payments run through 2049 and climb as high as $71 million per year.

The second portion, underwritten by JP Morgan, is for $91 million, $80 million of that for construction. That carries an 8.17 rate, but repayment doesn't begin until 2025. Yet that grace period comes with a big price: $83 million a year for three years starting in 2038. Then, starting in 2041, six years of payments totaling $118 million annually. The resulting total amount to retire the entire debt: $2.4 billion.[47][48]

Not listed in the breakdown are the annual charges that the city is required to pay during the lifetime of the contract. They are as much as $2 million per year for the parking-facilities taxes payable to the county, and $250 thousand per year to pay the Marlins' stadium maintenance fees. Adding these future expenses to contributions already made brings the city's total stadium expenses to $210.7 million by 2049.[44]

The Marlins received an interest free, $35 million loan from the county that it will pay back through yearly rent beginning at about $2.3 million and increasing 2 percent each year. Including this debt brings the team's total stadium expenses to $161.2 million through 2028. The county and city combined total expenses are $2.61 billion through 2049.[49]

The stadium deal also gives the Marlins almost all revenue created at the ballpark, from ticket sales as well as food and drink concessions, to parking spaces selling above $10, to gate receipts from concerts and soccer matches when the ballclub is not playing.

These are horrific loans...For $500 million or so now...They will pay over 5 times that amount by 2049...****ing idiots...The Marlins made out like bandits on the stupid Miami politicians.

 

[TheWalrus]

^You missed the worst part...The very next paragraph on that Wikipedia article:



These are horrific loans...For $500 million or so now...They will pay over 5 times that amount by 2049...****ing idiots...The Marlins made out like bandits on the stupid Miami politicians.

Next time somebody makes out like a bandit on stupid Miami politicians I'd like it to be the Dolphins, is what I'm saying. The fact the costs for the city and county are high only emphasizes that a deal absolutely can be had. Not by this group of dingbats, apparently, but by somebody.

This settling for "It's Not So Bad" Stadium is less than the team deserves and less than we as fans deserve.

 

[djphinfan]

For those who say "it's not so bad" they truly don't understand what the competitive advantage is that their disregarding..

It's very real, it's very relevant, and it's very rare, the venue has to be built right to achieve it..it can be done, it can be incredibly lucrative in the process while helping the team win football games, there's no negative, there's no cons, it's truly ALL good..but, it's pissin in the wind at this point so, guess we'll just have to hope that they really will close off the endzone corners with some concrete and a few rows at the bottom of the lower bowl.

 

[dlockz]

the politicians that think giving public money away for stadiums at any cost should all be gone.
The NFL rakes it in who cares at what cost to the public these things cost the most important thing in life is football and the nfl making billions

 

[Daytona Fin]

Miami-Dade mayor Carlos Gimenez is hopeful he will reach a deal with the Dolphins on a $400 million Sun Life Stadium renovation — financed by the team — by the end of the week.

The mayor, however, through spokesman Michael Hernandez, cautioned "nothing is for certain. These are ongoing negotiations."

If the Dolphins and Gimenez reach a deal, it could presented to the Miami-Dade Board of County Commissioners by the end of the month. The commissioners meet every two weeks.

"The Office of the Mayor would provide the agreement and any other necessary documentation to the Chairwoman of the County Commission, Rebeca Sosa, and the full Board," Gimenez said through Hernandez.

"The chairwoman has the ability to assign it to a committee, or forward it to the full board. The agreement can be heard as soon as two weeks from now, but the more likely scenario is next month."

Under terms of the proposed deal Dolphins owner Steve Ross would pay for the upgrades and continue to pay property taxes on the stadium. The county would pay "incentives" to the Dolphins for hosting events such as the Super Bowl and the College Football Championship at Sun Life Stadium.

"The funds would come from tourist tax dollars and would only be paid out after the event has taken place," Gimenez said in a statement on Friday.

http://www.sun-sentinel.com/sports/miami-dolphins/fl-dolphins-stadium-0610-20140609,0,6667299.story

 

[Nublar7]

http://www.sun-sentinel.com/sports/miami-dolphins/fl-dolphins-stadium-0610-20140609,0,6667299.story

I don't see any reason why the board would not approve it. You really can't get a much better deal than this.

 

[AL R]

Next time somebody makes out like a bandit on stupid Miami politicians I'd like it to be the Dolphins, is what I'm saying. The fact the costs for the city and county are high only emphasizes that a deal absolutely can be had. Not by this group of dingbats, apparently, but by somebody.

This settling for "It's Not So Bad" Stadium is less than the team deserves and less than we as fans deserve.

Just wish we had gotten there before the Marlins disaster.

The Marlins Park fiasco created such a backlash that local voters rebelled when the Miami Dolphins asked for taxpayer-funded stadium renovations, with many voting against the measure before the special election was canceled*.

If anything has to go to the voters you can forget about anything for a long, long time IMO.

 

[Zounds]

Anyway, here's the fallacy in what you and everyone who says the economics of doing this the right way are/were impossible. This is from the Wikipedia page on Marlins stadium:



The chunk put up by the city of Miami and Dade County amounts to more than $500 million. Combine that with the $400 million Ross is willing to put up for a renovation and you're almost at the $1 billion finish line to build a first rate, state of the art facility for the Dolphins. Not a patch. Not a facelift. The real deal.

If you think the county is going to put up $500 more million dollars for a stadium then the fallacy is on you

Even if magic was real and they could conjure up $500 million, you aren't building a waterfront state-of-the-art football stadium shaped like a megaphone for $900 million dollars.

 

[DisturbedShifty]

http://www.sun-sentinel.com/sports/miami-dolphins/fl-dolphins-stadium-0610-20140609,0,6667299.story

So after looking at the pictures in that article. They want to put some semi-quasi dome/awning over the stadium? Why?

 

[Zounds]

These are horrific loans...For $500 million or so now...They will pay over 5 times that amount by 2049...****ing idiots...The Marlins made out like bandits on the stupid Miami politicians.

Yep, I remember when the city of Orlando almost defaulted on the Amway Center bonds, which were promptly reclassified as junk bonds. And they thought raising the tourist tax would cover it.....****ing geniuses

 

[AL R]

So after looking at the pictures in that article. They want to put some semi-quasi dome/awning over the stadium? Why?

Because Roger asked for it after people got a little wet during a Superbowl. Oh and its hot in Florida.

 

[Nublar7]

So after looking at the pictures in that article. They want to put some semi-quasi dome/awning over the stadium? Why?

Protects the fans from rain and sun. After it rained during the Colts/Bears Super Bowl the NFL is requiring Miami to do something to protect the fans so it won't happen again. Even though they turned around and gave a Super Bowl to New York where it almost snowed.

 

[Vaark]

^You missed the worst part...The very next paragraph on that Wikipedia article:



These are horrific loans...For $500 million or so now...They will pay over 5 times that amount by 2049...****ing idiots...The Marlins made out like bandits on the stupid Miami politicians.

Ross, whose heart seems to be in the right place can thank the biggest MLB grifter, Jeffrey Loria for the kind of impasse most of his peers in other cities have not had to overcome. I curse him out every time I read another accolade about Miguel Cabrera as I'm sure I will even more so when Stanton is traded for "prospects." **** him. Not only did he bamboozle the clueless Miami officials to back up the Brinks truck.. faking them out with that bogus "relocation exploration tour" by Sampson, that felll deaf alternative cities' ears, but also in terms of cash cow level automatic revenues vs among the lowest team payrolls. He's the biggest crook and worst owner in all of sports (and that includes Sterling!) As bad as The Garbageman was as a Marlins owner, he looks more like Kraft or Cuban as compared to this scumbag.

 

[djphinfan]

What is going on there in those photos with the corners of the endzone, anyone with knowledge about construction?, are they cutting into the corners and adding some concrete, in those photos, the lower bowl is not symmetrical anymore like it is currently, anyone know what that thought process is?

 

[daniel3]

Tell that to Jerry Jones, who paid more than $700 billion of the $1 billion + to build Cowboys stadium. Anyway, here's the fallacy in what you and everyone who says the economics of doing this the right way are/were impossible. This is from the Wikipedia page on Marlins stadium:

Jerry Jones barely dipped into his own pocket to pay for the Cowboys stadium. I remember people going over his deal and the city plus NFL put up over 1 billion in financing towards the stadium. Not to mention the whole reason that stadium ended up costing over 1 billion was due to the rapid rise in construction costs, which will be far greater here than they are there. Face it, a similar stadium here will end up costing close to $2 billion. This isn't 2009 and we are in South Florida, not Texas.