Parking Problems: Marlins Stadium Thrown a Curve Ball

The city of Miami's bond rating has dropped from stable to negative

At the new Marlins ballpark, there are signs of progress every day.

But the City of Miami's financial trouble could throw the plans a curve ball.

A recent report from Moody's, a bond rating service, ranks Miami's once stable outlook as negative - a move that could make selling the bonds to build the stadium's parking garage to investors near impossible.

That would mean the city would have to come up with another way to get the cash to fulfill their end of the bargain with the hometown baseball team.

If that happens, "then we have to go back to the city commission to have them vote on a new authorization," said Miami Mayor Tomas Regalado.

The trouble now is getting an interest rate the city can afford in order to get the parking garage funded.

The letter from the bond rating service sent to the city this week indicates the outlook for the city's finances has gone to negative -- a downgrade that may also have a negative impact on the new ballpark project.

The parking garage was slated to cost $89 million and would hold 5,700 cars.

Thomas Tew, a Miami attorney with the firm Tew-Cardenas, said the downgrade could push the interest rates above what the city can afford. Experts say the options then include no garage, a smaller one, or raising fees for city services to pay for the initial design.

Regalado is working to get his hands around the problem and said he will not allow any increase in fees to city residents to pay for the parking garage.

"I don't think there is the political will to raise rates," Regalado said. "That would impact the residents."

However, the mayor is confident he can get it worked out.

The city will find out next month what the bonds will cost. The end result could fans facing a similar parking situation to what we saw at the old Orange Bowl -- paying someone to park in their lawn to go to a shiny new stadium with no parking.

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