Marlins May Benefit From Lower Than Budgeted Stadium Construction Costs
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MIAMI (CBSMiami) – If final construction cost of the new Marlins Park comes in under what it as budgeted for, it will be a windfall for the team.
According to the deal struck with the county, any money left over from construction would go to the team to pay for maintenance and repairs, according to CBS4 news partner The Miami Herald.
This could potentially add up to tens of millions of dollars which would help the team from dipping into its own pocket to pay for upkeep.
At the end of last year, the Marlins had spent only about $102 million of the $131 million it had agreed to pay toward construction. Construction of the stadium was budgeted at $15 million.
Each year the team, the county, and the city of Miami are obligated to place $1.75 in a capital reserve fund.
The stadium agreement stipulates the Marlins and the county each place $750,000 each year, and Miami $250,000, in the reserve. Any expenses over the $1.75 million in any year would have to be paid by the Marlins.
The Marlins are likely to spend tens of millions more than the budget amount over the first decade upgrading the Little Havana ballpark. Elevators and escalators will need repair. Concession stations will have to be updated. Lights will have to be replaced. The typical lifespan of a new electronic scoreboard is only seven years, with a cost well in excess of $10 million.
CBS4 news partner The Miami Herald contributed to this report.