Hotel tax revenue declined in July in South Florida, but regional revenues began to
stabilize. Taxes charged to hotel guests dropped 4 percent in Broward
to $2.2 million and 10 percent in Miami-Dade to $4.2 million, the
lowest rate of decline since last autumn. Hotel taxes surged 22 percent
in the Keys to $1.5 million, though that is due entirely to Monroe
County boosting the tax rate by 20 percent in June. Hotel tax revenue
will be used in the financing of the Florida Marlins baseball stadium
in Miami, as well as affordable housing in Monroe County and statewide
tourism campaigns. [more]

Bonds issued last week put a total price tag of up to $2.4 billion on
the new stadium being built for the Florida Marlins baseball team, a
project touted as a driver for revitalization of the Little Havana
neighborhood. But bond underwriters showed that bond interest will
boost the final tab on the project, thanks to higher rates and deferred
payment plans. [more]

Miami-Dade County Commissioners will have the opportunity Tuesday
morning to cancel plans for the new Florida Marlins stadium if the
stadium bonds remain unsold or interest rates are too high, Miami Today
reported. County officials recently pushed the bond sale date for the
stadium back to June 29 and 30. An amendment to the bonding legislation
allows the county, the city or the Marlins to choose to walk away from
the deal without penalty. [more]

After a request from a major lender, the back-out date for the new
stadium for the Florida Marlins has been moved to July 15 from July 1.
Wachovia asked for the extension, which City of Miami commissioners
approved yesterday. They vote today on when the bank fees are to be
paid. Wachovia has a $100 million letter of credit for financing part
of the project. In the Thursday vote, commissioners also gave
Miami-Dade County until July 17 to terminate the deal if the county has not
closed on the bond sale. [more]