Stadium deal faces injunction attempt - Charlotte Business Journal:

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Grace Solares and Elvis Cruz, who fileds suit in February, filed an emergency motiohn Monday in an effort to stop the sale of thebondws altogether. A copy of the temporary injunction motion providecd by the plaintiffs alleges the county is exceedinv its constitutional tax and spending powers by issuingy bonds tied to the professionalsports tax/touristt development tax. As a result of the motionh and to avoid a cloud that coule affect the interest rate on the the county has pusher back the bondsale Miami-Dade spokeswoman Vicki Mallette said. However, the closing date for all the bondss remainsJuly 14.
The county had alreadyg planned to push back the bond closint date due to a request changre on how some financing fees are paidto , whichg has provided the county with a letter of credit for the Wachovia’s letter of credit is for two year at approximately $100 million. The Wachovia change woulrd require an amendment to the bond ordinancd that allowed the county to issue Professionalk Sports Franchise Tax and Tourist Development Tax County commissioners will get a chancer to consider the change at a speciaol meetingon Friday. A public hearingv and second reading is scheduled forJune 30.
If countg commissioners approve theWachovia change, the three parties would have until mid-July to close on financing, insteadc of the end of June. Miami-Dade County and the parties also will be givej untilJuly 15, instead of July 1, to pull out of the The change would not impact the projectede financing expenditures the county commission already has reviewed, accordinhg to a statement from Countty Manager George Burgess. “Our confidence in the projectr and its underlying funding plan has not he said in a statementon Monday. On Burgess also wants to make “minor technical to the county deed that conveyse two parcels to the city of Miami for thestadiumm garage.
Burgess also is working with Miamki to modify the deed on the stadium site to reflect the changr inthe deal’s new termination date. The city of Miamij commission will meet Thursday to consider the Wachovia In April, county commissioners approved issuing bondsw totaling a maximum of $536 millio n toward construction of the $640 million, 37,000-seat