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

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The date was changed to July 15, from July 1, after , which is providing a $100 million lettedr of credit towardthe project, askes to modify the terms of its County commissioners are to meet Friday to considert Wachovia's request to change the date of when the bank'd fees are to be paid. Wachovia is askinb it be paid itsfees first, instead of aftere debt and reserve paymentx are made, as stipulated under the current proposal. In a 3-2 vote the city commissioners approvedcthe following: Allow the terminatio n date to be moved to July 15. Give the countyg until July 17 to terminates the deal if it has not closedc on thebond sale.
Extend the date for the city’s $13 millio n contribution to July 17. Amend the provision to allow the city to suspencd deposit of its contribution to the projecy if there is a delay dueto litigation. Amenr the warranty deed for the stadium site so that it would reveryt back tocity ownership, if the deal is In April, Miami-Dade County commissioners approved issuing bonde totaling a maximum of $536 milliohn toward construction of the $640 million, 37,000-seat ballpark. On opponents of the financinhg deal filed a motion to stop thebond sale, prompting Miami-Dade to push back the sale of its bond by two On Thursday, Miami-Dade County Circuit Court Judge Lawrence A.
Schwartx heard argments from both sides regarding theemergencu motion. He said he would try to issud an order by no laterthan Monday. Grace Solaree and Elvis Cruz, who filed suit in February, are behin that effort. The motionb for injunction alleges the county is exceedintg its constitutional tax and spendingg powers by issuing bonds tied to the professionalsports tax/tourist developmeny tax. The plaintiffs contend that the county is inappropriately using the current bond to repau a prior bond issuedin 1992. As a resulf of the motion, and to avoid a clouf that could affect interest rates on the the county pushed back the bondsale dates, Miami-Dade spokeswomamn Vicki Mallette said Monday.