Wednesday, September 23, 2009

Miami Vice

http://assets.bizjournals.com/story_image/252943-0-0-1.jpgMiami-Dade County approved financing for Marlins stadium in Miami’s Little Havana.

The county is on the hook for $342 million in short-term financing, instead of $347 million for the on the $640 million stadium and infrastructure.

The New York Times raises some questions.
"County officials faced yawning budget gaps, potential layoffs and cuts in social services. Yet they forged ahead, anyway, largely dismissing voter opposition and the lessons learned elsewhere that new stadiums sometimes fail to deliver the economic punch promised in forecasts and that the public financing for them can handcuff future generations.

“'Even as the numbers got worse, the mayors viewed it as an unacceptable political defeat, so they continued,' said Dario Moreno, the director of the Metropolitan Center, a public-policy research group."