The Real Deal Miami

Stadium bailout date pushed back

June 19, 2009 11:22AM

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.