X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Carl Cronan is editor of Real Estate Florida.)

MIAMI-A ruling this week by the Florida Supreme Court in a case originating from the Panhandle has implications stretching to the other end of the state, including plans for the Florida Marlins’ new baseball stadium. The decision in Strand v. Escambia County basically states that voter referendums are not required for the use of taxpayer money in community redevelopment projects.

The ruling is good news to end a week in which Florida commercial real estate could use a boost after turmoil in the capital markets. The ruling reverses another one by the same court last year that had negated how tax increment financing districts could be used to pay down bond debt on projects.

Ron Weaver, a real estate attorney and shareholder of Stearns Weaver Miller Weissler Alhadeff & Sitterson PA in Tampa, says the ruling lifts a “black cloud” from TIFs over the past year and restores financing rules that have been in place as far back as 1980. “Half a billion dollars worth of financings and refinancings were at stake,” Weaver tells GlobeSt.com.

The biggest current project affected by the Strand decision is the $515-million plan to build the new Marlins stadium on the former Orange Bowl site in Miami. The redevelopment is part of a $3-billion package in proposed overall infrastructure improvements citywide.

Local auto dealer Norman Braman had cited the prior ruling among others in an attempt to block construction of the stadium. A Miami-Dade Circuit Court judge had already dismissed six other arguments by Braman’s legal team and awaited the state Supreme Court’s decision to rule on the last one.

Sanford Bohrer, an attorney with Holland & Knight LLP who represents the Marlins, says Thursday’s ruling proves a vote is not needed to build the stadium. “It really underscores that everything proposed here is entirely lawful,” Bohrer told the Daily Business Review, a publication related to GlobeSt.com.

The Marlins, which joined Major League Baseball in 1993, have pushed for their own stadium for the past decade. It now shares a Fort Lauderdale stadium with the National Football League’s Miami Dolphins and has endured dismal attendance this season.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.