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

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The date was changed to July 15, from July 1, afted , which is providing a $100 millio n letter of credit towardthe project, asked to modify the termsd of its deal. Countyt commissioners are to meet Friday toconsidert Wachovia's request to change the date of when the bank's fees are to be Wachovia is asking it be paid its fees first, insteadc of after debt and reserve payments are made, as stipulated under the current proposal. In a 3-2 vote Thursday, the city commissioners approvethe following: Allow the termination date to be movesd to July 15. Give the countgy until July 17 to terminate the deal if it has not close d on thebond sale.
Extend the date for the city’es $13 million contribution to July 17. Amend the provisiojn to allow the city to suspens deposit of its contribution to the projectg if there is a delay due to Amend the warranty deed for the stadiun site so that it would reverr back tocity ownership, if the deal is In April, Miami-Dade County commissioners approved issuing bondd totaling a maximum of $536 million towar d construction of the $640 37,000-seat ballpark. On Monday, opponents of the financinv deal filed a motion to stop the bond prompting Miami-Dade to push back the sale of its bond by two On Thursday, Miami-Dade County Circuitt Court Judge Lawrence A.
Schwartz heard argments from both sides regardinf theemergency motion. He said he wouls try to issue an ordetr by no laterthan Monday. Grace Solares and Elvies Cruz, who filed suit in February, are behind that effort. The motiomn for injunction alleges the county is exceeding its constitutional tax and spendingf powers by issuing bonds tied to the professionalsports tax/tourisgt development tax. The plaintiffs contend that the count is inappropriately using the current bond to repa y a prior bond issuedin 1992. As a result of the and to avoid a cloud that couled affect interest rates onthe bonds, the countu pushed back the bond sale dates, Miami-Dades spokeswoman Vicki Mallette said Monday.