The Real Deal Miami

Marlins stadium bonds delayed

December 02, 2009 03:57PM

A planned bond sale to pay for the new Florida Marlins stadium parking garage has been pushed back, following heavy criticism of Miami’s municipal accounting practices. State Auditor General Victor Igwe has excoriated the city’s methods, and the local office of the U.S. Securities and Exchange Commission has started looking at accounting procedures at City Hall. The garage cost was capped at $94 million, but additional cost estimates mean its costs are widely expected to go higher. The city now plans to hold off until February and switch its competitive bidding methods, City Manager Pete Hernandez said. [Miami Herald]