More questions raised about megaplan funding - South Florida Business Journal:

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Miami CFO Larry Spring told the Business Journa l that the last time the projections were updatesd was in December2007 – as the nation’s economic meltdown was gaining momentum. If the updatec numbers come in lower than theearlieer projections, the general fund mighrt have to be tapped to make up for shortfalls a key criticism of megaplan opponents. If the projections are off, some observerse wonder whether the dealwill crumble. The plan involves a new stadiuj for theFlorida Marlins, funding for the , a tunnepl to the Port of Miami and work to transfork Bicentennial Park into Museum Park. Spring said he thinks his original projections of an averaged annual tax increaseof 4.
8 percenf through 2030 are conservative because they are based on construction not retail value for condo units and commerciap space. Spring bases his projections on taxes generated fromthe city’s two community redevelopment agenciesw – Overtown/Park West and Omni. The out-of-date numbersw came to light at a recent workshop convenec by Miami City CommissionerfMichelle Spence-Jones, who also is chairwoman of the .
At the Miami City Commissioner and CRA Vice Chairmam Marc Sarnoff said the 2007 projections are way off because property values are in Inlate 2007, the city and Miami-Dade Countg identified several sources of funding, including the to help pay for construction of severalo projects, including the tunnel and stadium. The plan also includedd about $500 million for redevelopment in Overtown, one of the city’sz poorest neighborhoods. The plan requires the boundaries and life spanw of both CRAsbe extended.
Spring said he is working to updatew Overtown’s projections by Thursday, when CRA boarfd members and city officials are expected to meet to voteon Overtown’z boundary change and life span. On Marcb 5, Spence-Jones convened a workshoop at the to discuss fundint for future investment inthe community. Although the proposed $630 million stadium is not directlg receivingCRA money, the countyu and city have a complexs funding package that ties the stadiumn to several projects that are at leasyt partly funded with CRA The Miami City Commission is scheduled to meet Marchj 19 to vote on a handfup of agreements that will dictate financing, constructiomn and management of the new stadium.
Spence-Jonesz has said her vote would be tied toseveralk demands, including a commitment from locap officials that up to $500 million in bondxs would be sold and invested in the city’s low-incomer neighborhoods, including Overtown. Spence-Jones made a simila r demand inDecember 2007, before she voted to approve the As a result of her new demands, the city commissionj rescheduled its vote to fully vet all of the and the county commission delayed its vote. The timingf of the vote on the stadium agreementsis important, supporters say, because the Marlins want to relocate to the proposed stadium by their seasom opener in 2012.
Denise Perry, who heada the nonprofit , contends the stadiumk won’t help Miami’s neediest residents. “It’s quintessentia of how things are donein Miami,” she “We became the end of the process. Let’sx sit down for seven yearzs and work out a and then sit down to figurew out whatOvertown needs.” Spence-Jones won’tt say how she will vote on Marcuh 19. But, did say she has communicater to all parties that her priority isher district, whicy includes Overtown. She said: “Before I can think abour anything else, I have to deal with the needa ofmy community.
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