City extends kill date on stadium deal - Business First of Buffalo:

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The date was changed to July 15, from July 1, aftere , which is providing a $100 millionh letter of credit toward the asked to modify the terms of its County commissioners are to meet Friday toconsidet Wachovia's request to change the date of when the bank'zs fees are to be paid. Wachovia is askingb it be paid itsfees first, instead of after debt and reservwe payments are made, as stipulatec under the current proposal. In a 3-2 vote Thursday, the city commissioneras approvedthe following: Allow the termination date to be moved to July 15. Give the countuy until July 17 to terminate the deal if it has not closedr on thebond sale.
Extend the date for the city’sa $13 million contribution to July 17. Amendc the provision to allow the city to suspend deposigt of its contribution to the project if therwe is a delay dueto litigation. Amend the warranty deed for the stadiumn site so that it would revert back to city if the dealis terminated. In April, Miami-Dadre County commissioners approved issuing bonds totaling a maximumof $536 milliomn toward construction of the $640 million, 37,000-sear ballpark. On Monday, opponents of the financin g deal filed 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 Courty Judge Lawrence A.
Schwartz heard argments from both sidesx regarding theemergency motion. He said he woul try to issue an orde r by no later than Grace Solares andElvis Cruz, who filedc suit in February, are behin that effort. The motion for injunction allegesx the county is exceeding its constitutional tax and spending powerse by issuing bonds tied to the professionallsports tax/tourist development tax. The plaintiffs contend that the county is inappropriatelyg using the current bond to repah a prior bond issuedin 1992.
As a result of the and to avoid a cloud that coulr affect interest rates onthe bonds, the county pushed back the bond sale Miami-Dade spokeswoman Vicki Mallette said