Not exactly a sunny article in today's New York Times about the Florida Marlins' stadium, that Eyeonmiami has written frequently about and an issue, we hope, will be one of the turning points in the upcoming mayoral race. Mark Rosentraub, the author of “Major League Losers,” which examined stadium deals nationwide, tells the NY Times that Miami’s agreement was “reckless.” We said it a thousand times. Anyway, you can read the full article, clicking here.
21 comments:
Best Quote in Article:
“Outside of Fidel becoming part owner of the team, nothing would have stopped the deal,” said Carlos A. Gimenez, one of the three Miami-Dade County commissioners who voted against the agreement earlier this year. “I’m not anti-baseball, but I’m anti-bad deal. Anyone with any sense can see this is cockeyed.”
Wow its scary how similar Regalado and Gimenez are. They even have the same quote.
Maybe their long lost brothers or something.
The Marlins stadium will bring much needed jobs to little havana
Everyone gave a little the county, the marlins, and the city.
Is it too late to stop construction? Maybe we could use the concrete columns for osprey nests.
Everyone gave a little?? Please, you clearly did not read the agreements. The Marlins only gave up a small portion of revenues that will be derived directly from the construction of the publicly financed stadium. They have little skin in the game. Please, you 29th floor apologist. There is no reality in which this was a good, fair deal for the taxpayer..
The stadium will be the site of public executions before any baseball is played there. We are at the beginning of the pain of economic collapse. There will be no "recovery". The unemployed, homeless and desperate will soon be hunting the people who they feel did this to them.
The best part of the debate (aside from the crowd wanting blood from both candidates) was Regalado stating the "fine print" the statement of The Marlins will ASPIRE to hire 50% Dade County and 20% City of Miami workers
Aspirational is meant to be inspirational, but not legally binding. Did the media pick that up?
I read the article this morning, and left with this great marketing message:
Miami -- we're following Cincinnati's lead!
People in Miami are so stupid they didn't realize that the debt (municipal bonds) that were offered on a $409 million would take its cost to $2.4 billion when it is all paid off in forty years.
This is a $2.4 billion dollar stadium!!!!!!!!!!!!!!!
Dont forget the Marlin's Garage.
Burgess and Manny Diaz and Joe Sanchez forced the taxpayers to pay well over $3 billion when you add in the garage and all the debt service. The privately owned Marlins will pay less then 1%. Yet the Marlins get 99% of all the revenues. What a stupid deal.
Time for new leaders...
To the next to last anon-you failed remedial math. The marlins did not put only 1%, they put $150 million, that is about 33% of the costs. Stop with the disinformation campaign...and misleading people.
The problem is city leaders whose name ends in a "z" and/or who care more about Cuba. Once they are eliminated, Miami will have a chance to prosper. Until then, the locusts feed...
Considering in the end with total interest it will cost us 2.4 billion. I think his math is pretty well.
When you put a down payment on a car what costs more the money you end up paying or the money that it was listed.
fuzzy math.....the costs are the costs, the interest is carrying charges over the life of the bonds.
But you end up paying the interest none the less correct?
Wow, Gimenez has scored the Times. That sounds like a campaign for mayor article to me.
To the uninformed person above who claims the Marlins paid $150 mil, show us. The contracts state the Marlins do not have to put up any money for at least 2-3 years at which point they can borrow the $132 mil they need using the taxpayers investment as collateral. That certainly looks like a no-money-down deal to me. If you know better please explain.
This has been Sanchez fire bomb. Worse yet he STILL thinks its the best deal then a knife to slice bread with.
City of Miami Mayor candidate Jose Sanchez does not understand that when you add $1 of construction costs to $1 of design fees to $9 in debt service you get $11. Joe thinks they add up to $1.
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