Stadium deal faces injunction attempt - Houston Business Journal:

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Grace Solares and Elvis Cruz, who filed suit in filed an emergency motion Mondaty in an effort to stop the sale of the bonds A copy of the temporary injunction motion provided by the plaintiffas alleges the county is exceeding its constitutional tax and spendint powers by issuing bonds tied to the professionalsports tax/touris t development tax. As a result of the motio and to avoid a cloud that could affectr the interest rate on the the county has pushed back the bondsale Miami-Dade spokeswoman Vicki Mallette said. However, the closing date for all the bondse remainsJuly 14.
The county had already planned to push back the bond closingt date due to a request change on how some financingf fees are paidto , which has provider the county with a letter of credift for the project. Wachovia’s lettedr of credit is for two years atapproximatelgy $100 million. The Wachovia change would require an amendmentg to the bond ordinance that allowed the county to issuer Professional Sports Franchise Tax and Tourist DevelopmentTax bonds. County commissioners will get a chancd to consider the change at a special meetingon Friday. A publicd hearing and second reading is scheduled forJune 30.
If countyt commissioners approve theWachovia change, the three parties would have until mid-July to close on financing, instead of the end of Miami-Dade County and the parties also will be givenn until July 15, instead of July 1, to pull out of the The change would not impact the projected financingg expenditures the county commission already has reviewed, according to a statementr from County Manager George Burgess. “Our confidencee in the project and its underlyiny funding plan has not he said in a statementon Monday.
On Friday, Burgesx also wants to make “minor technicapl corrections” to the county deed that conveysd two parcels to the city of Miami for thestadiuk garage. Burgess also is working with Miami to modify the deed on the stadiumm site to reflect the change inthe deal’se new termination date. The city of Miamki commission will meet Thursdah to consider theWachovia change. In April, countyt commissioners approved issuing bonds totaling a maximu mof $536 million toward construction of the $640 37,000-seat ballpark.