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The rotten to the Cold War.
That's what my next guest is calling a deal that's funding the Florida Marlins stadium with taxpayer dollars it's so bad it makes the bank bailouts look like a walk in the park.
For more I'm joined by Carlos and -- at the Miami Dade County commissioner commissioner commissioner welcome.
Thank you thank you very much for having me -- if they -- tells the story that stadium and the investment by taxpayers here what happened what they just so man.
Well maybe so -- is that though when you look at -- -- two components to this stadium what is the deal itself and the other one is the financing.
The deal is pretty bad and the financing is even worse.
The deal in essence is that we we put in.
Million dollars in the construction of about 540 million dollar stadium.
And we get absolutely nothing in return we don't get anything from -- runs from advertiser saying.
From the seats.
Nothing the only thing that we get is a rent payment of about two million dollars a year that actually is a -- payment.
About 35 million dollar additional loan that we had to give the Marlins.
The Marlins but the -- I mean.
Well pretty simply was negotiated by the manager and the mayor.
They decided then it was over a period of time.
They decided this was the best deal they can get and the Marlins obviously thought that was a really good deal for them.
We we asked at least I asked to that -- at least let's take a look at the books because.
But the Marlins are you know they always -- about or they were but the most we're actually making a profit.
They could've put much more of this stadium themselves and we would have had to invest so much money.
Into it and unfortunately.
The mayor and the manager decided in wanna see the the books and the majority of my colleagues on the commission also decided wanna see the books I mean that's that's -- me.
Is it an incredible story in itself.
Why wouldn't show our viewers the numbers here the Marlins stadium deal by the numbers cost to the stadium 515 million Marlins net income.
37 point eight million can -- funds county funds now taxpayer funds paying for the stadium 360 million.
Marlins paying a 155000035.
Million of that coming from mile loan from the count -- not even their money.
Cost of the taxpayer now this is what drives me crazy right here commissioner.
Two billion dollars a total it's two billion dollars this stadium only costs 515 million dollars as of the end up being -- -- Remember I said that the deal was really bad and financing was even worse.
Well there is -- -- one of the one of the bonds -- the cell just to get to get eighty million dollars for construction money.
Over a period although about 35 years we're gonna have to pay back one point two billion dollars.
In principal and interest that is outrageous and the reason it's that much because these are capital appreciation month that -- -- they're always that are stuck in the back and and so we've got -- do we have to pay for this eighty million dollars a 120 million dollars back to Bob -- about the way the -- worst.
We can't retire that debt they're noncallable so.
It's something at all that's always gonna.
No we can't because -- noncallable so this community is gonna have to bear -- that our children our grandchildren gonna have to -- -- that 3035 years into the future.
We know -- look at those pictures of the stadium and there are not people in the seats.
Well that's the that's the where they play right now Dolphin Stadium or some -- stated whatever they call it nowadays but.
The they hope to have a lot more people you know and the seats when it comes to a more centralized location.
That's the theory anyway but you know.
If they fill it up with 38000 which would be capacity -- they have nobody there.
It doesn't make -- -- -- the Miami date county because we have we have no stake in this we get nothing.
In return from our investment we don't get a return on investment of if the owners sell the stadium about the way we've just.
You know that we just created.
A bunch of equity in that team that franchises -- to be worth a lot more they have this stadium.
So we basically put about a hundred to 200 million dollars in the owner's pocket.
And the citizens of Miami Dade County got nothing but.
At the right to own a baseball stadium which we will have to pay another million dollars a year to help maintain they get absolutely nothing in return for.
I bet people there -- -- that I -- my show one other set of numbers here because this story is just amazing to me.
This is the statement of operations from the Marlins their net income.
-- -- nine point 46 million the year after that three point nine million what happened there.
They well listen if the mayor and the manager and the Q and the majority commissions that morning a look at the books.
What happened there is that they they kept that to themselves that's more more money and in their pockets you know what though the real problem here is what we're told you about this eighty million dollars.
That we had to we've -- that they won't point two billion for the Marlins simply had put another ten.
Million dollars into the deal on for twenty years they could -- that -- themselves and we wouldn't be -- we wouldn't be saddled with.
Over a billion dollars in debt over the next 35 years.
Just not fair.
With -- -- that I appreciate your you're telling the story fascinating stuff.
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