Not only did Jeffrey Loria get taxpayers to buy him a stadium, but they bought him the most expensive stadium ever built.
This what we call a “pull quote” from Deadspin’s post on the growing debacle that is the Marlins stadium financing. The Miami Herald did the heavy lifting, noting that the sticker price on Marlins Park is going to be significantly less than what the taxpayers of Miami-Dade county end up forking over for their beautiful new stadium.
The bonds used to pay for the stadium were issued at such a time that they will end up costing Miami more than billion dollars by the time they’re paid down. The entire thing is well beyond my paygrade but it certainly serves as a stark reminder that, hey, publicly funded stadia is always a bad deal. Who’d a thunk it? Jeffery Loria seems like such a stand-up guy.
The only hope for Miami is they follow the lead of the good people of Minnesota and pay down their public monstrosity quickly, thus avoiding some of that ugly interest.
But, like most when they sign their mortgage, they totally plan on doubling up their payments because there’s no penalty and we won’t just squander that money on a new deck and discount hot tub. We’re adults with responsibilities and a five year plan and we’re sticking to HEY, did you see LED TVs are on sale this week? We don’t NEED IT need it but the flat screen in the den looks a little rough and we could totally move it to the other bedroom or maybe we CAN FINISH THE BASEMENT?!