February 21, 2008
Meetings, meetings everywhere
The stadium legislative season is in full swing in Florida, with meetings today to help decide the fate of the Florida Marlins and Tampa Bay Rays proposals.
The Miami city and county commissions are set to vote today on the Marlins' $525 million stadium proposal, which would cost about $360 million in public money; taxpayers would also pay to build a $94 million parking garage, though parking fees are supposed to pay off that cost. The city commission was scheduled to vote at 9 a.m., with the county to follow at 1 p.m. (I'll post updates here as I hear them.)
Today's Miami Herald gives a good breakdown of the Marlins' financial plan, including something that reporters all too often overlook: an examination not just of the up-front costs, but of how stadium revenues will be split, noting: "Despite being on the hook for one-fourth of the $619 million construction job, the Marlins receive all stadium-generated revenue." Herald reporter Charles Rabin adds that plan also does not indicate how to pay for required infrastructure improvements to move utilities and improve roadways to the stadium site, nor how the Marlins would pay for stadium cost overruns (which are on them), nor what happens if the parking garage goes over budget (which is on the city).
Enough city and county commissioners still say they're undecided that the vote outcome is unclear. If it does pass, Clemson economics professor Robert Tollison tells the Herald, it could be thanks to the complicated funding scheme, which relies heavily on tourist taxes and shuffling money around between different government agencies: "I think it's sort of classic interest group politics. You've got a very defused [Ed. Note: He probably actually said "diffuse"] group of people [paying]. Lots of them aren't even residents of Florida. Politically, it's a perfect storm."
In Tampa, meanwhile, the first public hearing on the Rays' $450 million stadium plan, which could cost taxpayers up to $300 million in subsidies, is scheduled for tonight at 6:30. Opponents are set to wear red, supporters white; the St. Petersburg Times is promising running updates on its Rays blog.
