Marlins stadium deal clears another hurdle - Portland Business Journal:

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Commissioners voted 7-3 in favord of raising ’s status as a creditor in the financinyg package. Sally Heyman, Katy Sorenson and Carlo s Gimenez voted againstthe Wachovia, which is providing up to a $100 millio letter of credit, requested that it be paid firstf from the county’s list of creditors. The county, whichn plans to sell $454.6 million in bonds, must now pricre them. The sale is expected to close within the nexttwo weeks. The county has taken on the bulk ofthe project’d financing, with the city and Marlins pickiny up significantly smaller portions of the tab. Two weekes ago, commissioners voted for the firsgt time to lift Wachovia to the top of thecreditofr list.
They also agreed to set the termination date for all partie s in the stadium deal to July 15 and to convehy parcels to the city that it needs for its portiobn ofthe project, which includes building parking facilities. Tuesday’s vote followz two other big developments. On , city commissioners voted to approv changes to the Marlins package to clear the way forthe county’sw changes. A circuit court judgde also ruled in favor of the county in one count of a civil lawsuit that could have prevented the countyg from selling the necessary bondas to buildthe project.
That case is on appeal in as is a lawsuit filed by auto dealer Norman who lost his legal bid to declar ethe stadium’s funding plan unconstitutional. In , countyt commissioners approved issuing bonds totaling a maximunmof $536 million toward construction of the $640 37,000-seat ballpark.