PortMiami Wants To Borrow $385 Million
Taste Of The Town
MIAMI (CBSMiami) – Miami-Dade commissioners will consider Tuesday borrowing $385 million to complete PortMiami projects and improvements.
While not directly on the table, the discussion could showcase some of the hurdles David Beckham’s group will have to overcome if they want to put on a new soccer stadium on the port’s southwest corner, according to CBS4 news partner The Miami Herald.
The money being asked would go toward the underwater tunnel project and other projects. The new debt package is likely to push the port’s long-term obligations above $1 billion. In order to keep the county-owned port’s interest rate lower, County Mayor Carlos Gimenez has asked commissioners to guarantee the debt if cargo and cruise fees ever fall short of the required payments, according to the Miami Herald.
Port officials have pushed back against a stadium on the land. Instead, they’re envisioning a hotel and office complex which they feel would bring in more revenue to pay off their debt.
Beckham’s group views the port’s plan as too ambitious and has pitched a soccer stadium as crucial for stimulating development on the southwest corner. Cruise line Royal Caribbean, whose headquarters overlaps the stadium site, also opposes Beckham’s plan.
(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Miami Herald contributed to this report.)