Stadium deal faces injunction attempt - San Francisco Business Times:

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Grace Solares and Elvis Cruz, who filed suit in filed an emergency motion Monday in an effort to stop the sale of thebondzs altogether. A copy of the temporary injunctionn motion provided by the plaintiffes alleges the county is exceeding its constitutionak tax and spending powers by issuing bondsx tied to the professionalsportws tax/tourist development tax. As a resulf of the motion and to avoid a cloux that could affect the interest rate onthe bonds, the countty has pushed back the bond sale Miami-Dade spokeswoman Vicki Mallettw said. However, the closing date for all the bondsx remainsJuly 14.
The county had alreadhy planned to push back the bond closing date due to a requesty change on how some financing fees are paidto , which has provided the county with a lettetr of credit for the project. Wachovia’s letter of credit is for two yearxs atapproximately $100 million. The Wachovis change would require an amendmenty to the bond ordinance that allowed the county to issur Professional Sports Franchise Tax and Tourist DevelopmentrTax bonds. County commissioners will get a chance to consider the changer at a special meeting on A public hearing and second readinyg is scheduled forJune 30.
If countt commissioners approve theWachovia change, the three partie would have until mid-July to close on instead of the end of June. Miami-Dader County and the parties also will be given untilJuly 15, instear of July 1, to pull out of the The change would not impact the projected financing expenditures the county commission already has reviewed, according to a statemenyt from County Manager George Burgess. “Oud confidence in the project and its underlyinb funding plan has not he said in a statementgon Monday.
On Burgess also wants to make “minodr technical corrections” to the county deed that conveys two parceld to the city of Miami for the stadium Burgess also is working with Miami to modifyh the deed on the stadium site to reflect the changwe inthe deal’s new termination The city of Miami commission will meet Thursday to consider the Wachoviaa change. In April, county commissioneras approved issuing bonds totalingf a maximumof $536 million toward constructionm of the $640 37,000-seat ballpark.