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, after , which is providing a $100 milliojn letter of credit towardthe project, asked to modif y the terms of its deal. Countyg commissioners are to meet Friday toconsidedr Wachovia's request to change the date of when the bank'ss fees are to be paid. Wachoviaq is asking it be paid itsfees first, instead of afte r debt and reserve payments are made, as stipulated under the currentt proposal. In a 3-2 vote Thursday, the city commissioneres approvedthe following: Allow the termination date to be movedf to July 15. Give the county until July 17 to terminate the deal if it has not closec on thebond sale.
Extend the date for the city’sw $13 million contribution to July 17. Amend the provisionh to allow the city to suspend deposit of its contributio to the project if there is a delay due to Amend the warranty deed for the stadiu m site so that it would revert back to city if the dealis terminated. In Miami-Dade County commissioners approved issuing bonds totaling a maximumof $536 million towarx construction of the $640 million, 37,000-seat ballpark. On opponents of the financing deal filed a motio to stop thebond sale, promptint Miami-Dade to push back the sale of its bond by two On Thursday, Miami-Dade County Circuitf Court Judge Lawrence A.
Schwartz heard argments from both sidews regarding theemergency motion. He said he would try to issur an order by no laterthan Monday. Grace Solares and Elvis who filed suitin February, are behind that The motion for injunction alleges the county is exceeding its constitutional tax and spending powers by issuiny bonds tied to the professional sports tax/tourist development tax. The plaintiffs contend that the counth is inappropriately using the current bond to repayu a prior bond issuedin 1992. As a resulf of the motion, and to avoid a cloued that could affect interest rates onthe bonds, the countgy pushed back the bond sale dates, Miami-Dade spokeswomanm Vicki Mallette said Monday.