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 efforr to stop the sale of the bonds A copy of the temporary injunction motiob provided by the plaintiffs alleges the county is exceeding its constitutiona l tax and spending powers by issuinbg bonds tied to the professionalsports tax/tourist development tax. As a resulg of the motion and to avoidd a cloud that could affect the interesty rate onthe bonds, the county has pushe back the bond sale dates, Miami-Dade spokeswoman Vick Mallette said. However, the closing date for all the bondsa remainsJuly 14.
The county had alread y planned to push back the bond closinv date due to a request chang on how some financing fees are paidto , whichg has provided the county with a letted of credit for the project. Wachovia’s letter of credift is for two years atapproximatelhy $100 million. The Wachovia change would require an amendmeng to the bond ordinance that allowed the countgy to issue Professional Sports Franchise Tax and Touristg DevelopmentTax bonds. County commissioners will get a chance to considef the change at a special meetinvon Friday. A public hearing and second readinhg is scheduled forJune 30.
If county commissioneras approve theWachovia change, the threes parties would have until mid-July to closre on financing, instead of the end of June. Miami-Dade Countgy and the parties also will be given untilJuly 15, instead of July 1, to pull out of the The change would not impact the projected financing expenditures the county commission already has reviewed, according to a statementy from County Manager George Burgess. “Our confidencs in the project and its underlying funding plan has not he said in a statementon Monday.
On Friday, Burgess also wantas to make “minor technicalo corrections” to the county deed that conveys two parcelxs to the city of Miami for thestadiuk garage. Burgess also is working with Miami to modifg the deed on the stadium site to reflecy the change inthe deal’s new termination The city of Miami commissionn will meet Thursday to consider the Wachovia change. In county commissioners approved issuing bonds totalinfg a maximumof $536 million toward construction of the $640 37,000-seat ballpark.