Published by: The Miami Herald

Posted: 2/25/09

OUR OPINION: Delay gives commissions time to think through details of deal

The Florida Marlins surely have gotten used to the last-minute surprise that stops their stadium deal in its tracks. That has been the pattern in the 10 years the Marlins have pitched for public financing of a deal, first with the state Legislature nixing the idea, and now with the Miami City Commission delaying it. The silver lining in the bad news this time is that city and county commissioners now have until March 4 and 5, respectively, to ponder the details in the changed environment of a worsening economic crisis.

Win-win for all

We don't expect the delay to be a deal killer -- nor should it be. The basic rationale for public support of the stadium remains the same. A retractable-roof stadium and parking facility on the old Orange Bowl site is a win-win for the team and the community. The team gets stability and a marketable venue. South Florida gets an asset that builds community, promotes a positive national image and guarantees a long-term relationship with the team.

Nobody expected Miami Commissioner Marc Sarnoff's sudden concerns about a deal that he has supported in the past. Yet there he was two weeks ago tying up the vote and the deal by asking the team for more concessions. He now says the team should cover cost overruns, and the city and county should share revenues from naming rights and get a cut of profits if the team leaves town. Call this grandstanding, if you wish. It certainly looks like it. However, if the city and county can use the leverage created by Mr. Sarnoff to tweak the deal, they should go for it.

At the very least, they should use the time to make sure the package makes sense in the vastly changed economic conditions that are roiling the country. The basic details of this deal were carved out in early 2008 when economists were debating whether the country was in or headed for a recession. Now it is clear. We're in the midst of the worst downturn in decades, possibly since the Great Depression.

Keeping team's word

City and county officials should consider how the current deep recession might affect financial assumptions of the deal if the downturn continues for a prolonged period, say two, three or for years. For example, what impact, if any, would several years of subpar returns on tourism- and sport-tax dollars have on the long-term financing of the deal? Commissioners also should make sure they are comfortable with the Marlins' ability to carry their end of the deal at a time of ever-tightening lending constraints.

Like the seventh-inning stretch in a baseball game, Commissioner Sarnoff's maneuver has bought city and county commissioners a brief respite to take a deep breath, clear their heads and make sure they're doing the right thing.



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