The Real Deal Miami

Rate swap to cover Marlins Park debt approved

County authorizes deals that should give $30M boost to hotel tax reserves
July 02, 2014 01:30PM

Marlins Park and Ed Marquez

Marlins Park and Ed Marquez

Miami-Dade commissioners authorized the restructuring of three interest rate swap deals to help cover future debt payments for Marlins Park.

The swaps, which were approved on Tuesday, allow the county to boost hotel tax reserves, which are used in part to pay down the Marlins Park debt. At least $30 million should be added to the reserves. Hotel tax revenue is also used for debt and operating costs at the county-owned Adrienne Arsht Center for the Performing Arts and Parks Department.

Before the swaps were approved, the existing hotel tax reserves were spent, Deputy Mayor Ed Marquez told commissioners, as cited by Miami Today.

The 37,000-seat stadium in Little Havana was primarily financed through county bonds. [Miami Today]Eric Kalis