Stadium News - Sort of
by craig on Jan 23, 2009 10:00 AM EST
in News and Rumors
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PrintThere is a possible, and possible is the operative word, new date for the new stadium vote on the contracts.
The agreements spelling out the details of financing and constructing a Marlins ballpark may finally be headed for a vote. Miami-Dade County Commission Chairman Dennis Moss mentioned during today’s county commission meeting that he’d like to hold a special meeting at 1 p.m. on Feb. 13 to consider the ballpark agreements. But that date is contingent upon the county commission getting at least two weeks to review the agreements, which still haven’t been completed.
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Although officials hope the Miami City Commission will vote on the same day as the county commission, a city meeting has not yet been scheduled.
In other words, Team Samson has to get their act together and get the contracts to the various commissioners by a week from today.
Hopefully it will happen, but I'm not holding my breath.
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Tough Times
I’m not trying to be a breath of dark air or pessimistic here. But with the economy in a slump and so many homes being foreclosed, what are the real odds these contracts will hold true?
When the New York Yankees ask the city for funding of its ballpark leads me to believe this isn’t the “best time” in the world to build. I’m no economics expert so those with greater wisdom in the subject PLEASE tell me if I’m wrong.
Three things...
1) it is a great time to build if you have the equity.
2) if you are forced to raise the equity from capital markets, then good luck with that. That is a tough road to hoe.
3) there is always the intangible that the building of stadium could piss people off. But once you start, and if you do the PR right, they normally become less mad.
Did that help at all?
Correct me if I'm wrong, but my understanding is that
these funds can ONLY be used for entertainment/tourist-type projects, and cannot go to building schools, homeless shelters, etc.. So if they decide not to build a stadium, these funds simply won’t spring into being.
Small consolation, but it’s something.
And I agree with jrsyeagle that a building project puts people to work. One idea constantly being discussed as part of any government stimulus package is funding for infrastructure improvements—not only are the upgrades long overdue, but it would create thousands/millions of jobs. A stadium isn’t as “necessary” as a rebuilt bridge or repaved highway, but the same principle should apply.
My 2 cents...
with so many projects being shut down around the city… High rises, communities, etc… the county needs whatever it can get both in terms of income and providing jobs to people. They need to approve it to keep people employed down here (and to hopefully open a job on the marlins for me)
crossing my fingers
Craig is right, this is the best time to undertake a project like this because everything is cheaper. The fish could potentially build a stadium for under 500 mil that would have cost over 700 mil in boom times. Take advice from Warren Buffet, invest when the market is at its lowest point.
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