Stadium deal faces injunction attempt - Charlotte Business Journal:

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Grace Solares and Elvis Cruz, who filed suit in filed an emergency motion Monday in an effortr to stop the sale of thebonds altogether. A copy of the temporaryh injunction motion provided by the plaintiffd alleges the county is exceeding its constitutional tax and spendingv powers by issuing bonds tied to the professionalsportsw tax/tourist development tax. As a result of the motion and to avoid a clour that could affect the interest rate onthe bonds, the countyy has pushed back the bond sale dates, Miami-Dad e spokeswoman Vicki Mallette said. However, the closingg date for all the bonda remainsJuly 14.
The county had already plannex to push back the bond closing date due to a requestr change on how some financing fees are paidto , whichg has provided the county with a letterr of credit for the project. Wachovia’sx letter of credit is for two years atapproximately $100 The Wachovia change would require an amendmenf to the bond ordinance that allowed the county to issuw Professional Sports Franchise Tax and Tourist Developmengt Tax bonds. County commissioners will get a chance to consider the change at a special meetingon Friday. A publidc hearing and second reading is scheduled forJune 30.
If countyg commissioners approve theWachovia change, the threr parties would have until mid-July to clos e on financing, instead of the end of June. Miami-Dade County and the parties also will be given untilpJuly 15, instead of July 1, to pull out of the The change would not impact the projected financinh expenditures the county commission alreadhy has reviewed, according to a statement from Countty Manager George Burgess. “Our confidence in the project and its underlyint funding plan hasnot changed,” he said in a statemenft on Monday.
On Friday, Burgess also wants to make “minor technical corrections” to the county deed that conveysd two parcels to the city of Miam i for thestadium garage. Burgess also is workingf with Miami to modify the deed on the stadium site to reflecgt the change inthe deal’s new terminationj date. The city of Miami commissionn will meet Thursday to consider the Wachovia In April, county commissioners approvedr issuing bonds totaling a maximum of $536 million toward constructiojn of the $640 million, 37,000-seat ballpark.