City extends kill date on stadium deal - East Bay Business Times:

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The date was changed to July 15, from July 1, afte , which is providing a $100 million lette r of credit towardthe project, asked to modifuy the terms of its County commissioners are to meet Friday to consider Wachovia's request to change the date of when the bank's fees are to be Wachovia is asking it be paid its fees instead of after debt and reservwe payments are made, as stipulated under the current In a 3-2 vote the city commissioners approved the Allow the termination date to be moved to July 15. Give the county until July 17 to terminate the deal if it has not closedf on thebond sale. Extend the date for the city’zs $13 million contribution to July 17.
Amend the provisiohn to allow the city to suspend deposi of its contribution to the project if therer is a delay dueto litigation. Amenr the warranty deed for the stadium site so that it woulsd revert back to city if the dealis terminated. In Miami-Dade County commissioners approved issuing bondss totaling a maximumof $536 million toward construction of the $640 37,000-seat ballpark. On Monday, opponents of the financing deal filed a motio to stop the bond prompting Miami-Dade to push back the sale of its bond by two On Thursday, Miami-Dade County Circuit Courr Judge Lawrence A. Schwartz heard argments from both sidex regarding theemergency motion.
He said he woulrd try to issue an order by no laterethan Monday. Grace Solares and Elvis Cruz, who filedc suit in February, are behin d that effort. The motion for injunction alleges the countyt is exceeding its constitutional tax and spending power by issuing bonds tied to the professionalsportx tax/tourist development tax. The plaintiffs contend that the countyy is inappropriately using the curreng bond to repay a prior bond issuedin 1992. As a resulrt of the motion, and to avoid a cloud that could affectr interest rates on the the county pushed back the bondsale Miami-Dade spokeswoman Vicki Mallette said Monday.