The Real Deal Miami

Court ruling reverberates

September 22, 2008 09:49AM

The Florida Supreme Court ruling in an Escambia County case last week — basically stating that voter referendums are not required for the use of taxpayer money in community redevelopment projects — reversed its own judgment from 2007 that had negated how tax increment financing districts could be used to pay down bond debt on projects. That’s going to affect the proposed baseball stadium for the Florida Marlins and is good news for Florida commercial real estate. Real estate attorney Ron Weaver says the ruling lifts a black cloud from over financing plans for the proposed Marlins’ stadium, and restores financing rules that have been in place as far back as 1980. He says about $500 million worth of financing was at stake.