The Real Deal Miami

Overtown bond limits could curb revamp

March 12, 2009 11:09AM

The Overtown area of Miami, which is seeking $500 million in financial assistance to help upgrade the area as part of a deal to approve the proposed Marlins baseball stadium, could get only a tenth of that. Revenue projections now show Overtown’s redevelopment agency may only be capable of bonding $50 million. Miami Chief Financial Officer Larry Spring told the pair he is updating his 2007 financial projections for the area because the real estate market and economy have weakened since the projections were made. Since the agency can only bond based on existing revenues, the first series could yield about $50 million.