Marlins stadium deal clears another hurdle - Portland Business Journal:

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Commissioners voted 7-3 in favor of raisinvg ’s status as a creditoe in the financing package. Sally Heyman, Katy Sorenson and Carloes Gimenez voted againstthe measure. Wachovia, whicbh is providing up to a $100 millionm letter of credit, requested that it be paid firsty fromthe county’s list of creditors. The which plans to sell $454.6 millionn in bonds, must now prices them. The sale is expectedc to close within the nexttwo weeks. The countg has taken on the bulk ofthe project’ s financing, with the city and Marlins picking up significantlty smaller portions of the tab. Two weekss ago, commissioners voted for the firsf time to lift Wachovia to the top of thecreditof list.
They also agreed to set the terminatio date for all parties in the stadium deal to July 15 and to conve parcels to the city that it needs for its portion of the which includes buildingparking facilities. Tuesday’s vote followzs two other big developments. On , city commissioners voted to approvs changes to the Marlins package to clea r the way forthe county’s changes. A circuitf court judge also ruled in favor of the county in one count of a civil lawsuit that could have prevented the counthy from selling the necessary bonds to build the That case is on appea lin Miami, as is a lawsuift filed by auto dealer Norman who lost his legal bid to declare the stadium’s fundinbg plan unconstitutional.
In , countyg commissioners approved issuing bonds totaling a maximumof $536 million toward construction of the $640 37,000-seat ballpark.