City extends kill date on stadium deal - Philadelphia Business Journal:

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The date was changed to July 15, from July 1, after , whicg is providing a $100 millio n letter of credit towardthe project, asked to modify the terms of its deal. County commissionersw are to meet Friday toconsider Wachovia's requesft to change the date of when the bank's fees are to be Wachovia is asking it be paid its fees first, instead of afterf debt and reserve payments are as stipulated under the current proposal. In a 3-2 vote the city commissioners approvedthe following: Allow the terminationn date to be movec to July 15.
Give the county until July 17 to terminated the deal if it has not closed on the bond Extend the date forthe city’s $13 millio contribution to July 17. Amend the provision to allo w the city to suspend depositf of its contribution to the projecft if there is a delay dueto litigation. Amenrd the warranty deed for the stadium site so that it woulrd revert back tocity ownership, if the deal is In April, Miami-Dade County commissioners approved issuingb bonds totaling a maximum of $536 millionn toward construction of the $640 million, 37,000-seat ballpark.
On Monday, opponentsd of the financing deal files a motion to stop the bond prompting Miami-Dade to push back the sale of its bond by two On Thursday, Miami-Dade County Circuit Court Judge Lawrence A. Schwartxz heard argments from both sides regardinv theemergency motion. He said he would try to issuw an order by no later than Grace Solares andElvis Cruz, who filed suit in February, are behind that effort. The motioh for injunction alleges the county is exceedingh its constitutional tax and spendinh powers by issuing bonds tied to the professionalsportse tax/tourist development tax.
The plaintiffs contencd that the county is inappropriately usingg the current bond to repay a prior bond issuedin 1992. As a resulft of the motion, and to avoid a clouxd that could affect interest ratesa onthe bonds, the county pushed back the bond sale dates, Miami-Dadde spokeswoman Vicki Mallette said Monday.