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Miami OK's $92 Million in Bonds for Stadium Parking

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  • Miami OK's $92 Million in Bonds for Stadium Parking

    BY CHARLES RABIN
    crabin@MiamiHerald.com

    Miami commissioners gave staff the green light Thursday to move forward with the sale of $92 million in bonds to build the parking sites at the Florida Marlins' new ballpark.

    That cost is lower than anticipated, in part because extensive preconstruction work has been completed -- but mainly because construction costs have lowered due to the sour economy.

    In October, after a contentious debate, commissioners had agreed to bond out $120 million to build six parking sites with almost 6,000 spaces around the under-construction park in Little Havana set to open in 2012.

    But that figure sparked an outcry -- as city leaders had promised they would not go above $94 million, the city's end of the $642 million ballpark deal. The next month, with the city coming under investigation by the U.S. Securities and Exchange Commission, Mayor Tomás Regalado delayed the bond sale.

    After that, Regalado and staff, along with Suffolk Construction -- a local group that won the bid to build the parking sites -- renegotiated the cost.

    ``We've committed to the city to deliver the entire contract,'' Timothy Sterling, vice president of operations for Suffolk Construction, told commissioners Thursday.

    The city has the power to terminate the contract at any time for convenience.

    ``I believe that just by deferring the item at the time, we have saved the city $19 million,'' said Regalado
    http://www.miamiherald.com/news/brea...y/1425100.html

  • #2
    Atleast they managed to bring the costs down. One thing about such a crappy economy is that the stadium may come in on budget without the team cutting corners. There may be more amenities than originally planned.

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    • #3
      First JJ signs and now this?

      It's a day of great news.

      What's next? Is someone going to tell me that we're somehow going to miss all of Roy Halladay's starts next year?

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      • #4
        Haha yea what a great day of news.

        ZOMG WE TRADED BONER FOR CLIFF LEE!

        /wet dream
        STANTON

        Serious fun! GET IT IN!

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        • #5
          Suffolk's HQ is in Boston. I don't get how you consider that local.

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          • #6
            I wanna buy a bond

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            • #7
              Originally posted by McLevin View Post
              I wanna buy a bong

              Relax JJ

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              • #8
                Originally posted by Sandroimbuto
                Do they not have offices in South Florida?

                You think they'll import the manual labor, technicians, engineers et. al. from Boston?
                Everyone has offices in South Florida. I don't think I would consider them all local companies.

                And they don't cover any of that stuff, It's where the sub's decide to get their workforce. (ie. your engineers could come from Michigan)

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