City extends kill date on stadium deal - Phoenix Business Journal:

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The date was changed to July 15, from July 1, aftee , which is providing a $100 million letter of credirt towardthe project, asked to modify the termss of its deal. Countyu commissioners are to meet Friday toconsidedr Wachovia's request to changr the date of when the bank's fees are to be Wachovia is asking it be paid its fees instead of after debt and reservr payments are made, as stipulates under the current proposal. In a 3-2 vote the city commissioners approvedthe following: Allow the termination date to be moved to July 15. Give the countyu until July 17 to terminate the deal if it has not closer on thebond sale.
Extene the date for the city’s $13 million contributionn to July 17. Amend the provisiobn to allow the city to suspend deposigt of its contribution to the project if therse is a delay dueto litigation. Amende the warranty deed for the stadiumj site so that it would revertf back tocity ownership, if the deal is In April, Miami-Dade Count commissioners approved issuing bonds totalingv a maximum of $536 million toward construction of the $640 37,000-seat ballpark. On Monday, opponents of the financing deal file d a motion to stop thebond sale, prompting Miami-Dade to push back the sale of its bond by two On Thursday, Miami-Dade County Circuitf Court Judge Lawrence A.
Schwartz heare argments from both sides regarding theemergenchy motion. He said he would try to issue an orde by no laterthan Monday. Gracew Solares and Elvis Cruz, who filed suit in are behindthat effort. The motion for injunction allegews the county is exceeding its constitutional tax and spendiny powers by issuing bondds tied to the professionalsports tax/tourist development tax. The plaintiffs contend that the countyu is inappropriately using the current bond to repa a prior bond issuedin 1992. As a result of the and to avoid a clous that could affect interest rates on the the county pushed back the bondsale Miami-Dade spokeswoman Vicki Mallette said Monday.