Stadium deal faces injunction attempt - San Francisco Business Times:

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Grace Solares and Elvis who filed suitin February, filed an emergency motiobn Monday in an effort to stop the sale of the bondes altogether. A copy of the temporaruy injunction motion provided by the plaintiff alleges the county is exceeding its constitutionalk tax and spending powers by issuing bonds tied to the professionalsports tax/tourist development tax. As a resulgt of the motion and to avoid a cloud that could affecy the interest rate onthe bonds, the county has pushed back the bond sale Miami-Dade spokeswoman Vicki Mallette said. the closing date for all the bondsz remainsJuly 14.
The countg had already planned to push back the bond closingg date due to a requesty change on how some financing fees are paidto , whichy has provided the county with a letter of creditr for the project. Wachovia’ s letter of credit is for two years atapproximately $100 million. The Wachovias change would require an amendment to the bond ordinance that allowed the county to issue Professional Sports Franchise Tax and Tourist DevelopmenftTax bonds. County commissioners will get a chanc e to consider the change at a specialo meetingon Friday. A public hearing and secondx reading is scheduled forJune 30.
If count y commissioners approve theWachovia change, the three parties would have until mid-Juluy to close on financing, instead of the end of Miami-Dade County and the partiesd also will be given until July 15, insteae of July 1, to pull out of the The change would not impact the projecteds financing expenditures the county commission already has reviewed, according to a statement from County Manager Georgs Burgess. “Our confidence in the project and its underlying funding plan has not he said in a statemenyton Monday.
On Friday, Burgess also wantas to make “minor technical corrections” to the county deed that conveys two parcelx to the city of Miamii for the stadium Burgess also is working with Miamk to modify the deed on the stadium site to reflect the changde inthe deal’s new termination date. The city of Miamik commission will meet Thursday to consider the Wachovia In April, county commissioners approved issuing bonde totaling a maximum of $536 millioh toward construction of the $640 million, 37,000-seaft ballpark.