As with most government initiatives, they start out with good intentions, but will eventually implode in the face of taxpayers at their expense. In Florida, because we are blessed with pretty outstanding weather throughout most of the year, we also are the Spring Training home to some of baseball’s most storied teams. The Yankees, Braves, Phillies and more call Florida their home away from home. Unfortunately that love of baseball doesn’t seem to carry over to Florida’s two MLB teams, the newly-renamed Miami Marlins and the recently renamed Tampa Bay Rays. I love baseball. I do. I was actually at the draft day ceremony at Joe Robbie Stadium when the expansion draft took place for the MLB’s newest teams, the Florida Marlins and the Colorado Rockies in 1993. I’ll even attend a few Tampa Bay Rays games every season.

You might think that with both Florida teams having numerous appearances in the post-season and the Marlins even having two World Series titles under their belt that they could develop and maintain a strong fan base. Nope. Our two beloved Florida teams consistently rank among the worst in MLB attendance. The funny thing is, last I checked, baseball teams were a business. Although for some reason, their management act more like government officials. Something not working? Throw more money at the problem to fix it. In comes the “new stadium” philosophy. I can hear the meetings now: “Well, if we had a new stadium THEN people would come to the games.” When these words of brilliance are uttered, amazingly the teams start to look into everyone else’s pockets but their own.

As a matter of fact, our Marlins and Rays even stooped so low as to cry poverty to make a case for a taxpayer funded stadium! Unfortunately for the residents of Miami, their city commissioners had already given the new Marlins stadium the green light without voter approval because not long after, someone leaked the financial records of those very baseball teams (MLB Confidential: The Financial Documents Baseball Doesn’t Want You To See, Part 1). Those poor baseball teams, making millions in revenue despite their low attendance figures in stadiums they did not control. How awful. Although this revealed the Marlins as having lied to their fans and community, it almost helped the case to build a new stadium for the Rays who are seemingly by some accounts on MLB welfare. Almost. (See: Leaked financial documents may aid Tampa Bay Rays’ cause in stadium debate) This leak allowed Tampa Bay government officials to take a step back and reconsider any proposals for a new stadium which even today is a very quiet and sore topic.

So where do things stand today? As if by magic, talk of a new stadium for the Rays has just about disappeared. Further South, things couldn’t be going worse for the Miami Marlins and city commissioners.

Last week’s foul surprise came when Miami-Dade officials informed the city of Miami that the four parking garages being constructed for the stadium might not be exempt from county property taxes, as the city had assumed.

Miami Mayor Tomás Regalado says residents could be on the hook for another $1.5 million to $2 million annually. It may not sound like much, given the breathtaking totality of the Marlins boondoggle, but the city can’t afford it.

The city is nearly broke, as always, and doesn’t have an extra $2 million lying around. The anticipated lease income from the parking spaces is already earmarked to help pay the bond debt, which will eventually accumulate to $223 million.

Just to keep up with the bond payments on the new garages, Miami needs to bring in about $7 million annually through 2026 and fluctuating amounts for 10 years after that.

About $3 million of that $7 million would come from county tourist taxes. The additional $4 million-plus is supposed to be covered by income from the $10-a-space lease agreement with the Marlins.

In other words, each of the 5,700 parking spots needs to generate at least $702 annually for the city. On the bright side, Miami did manage to get the Marlins to agree to cough up the $10 whether or not the parking space has an actual car in it.
Read more: http://www.miamiherald.com/2011/11/26/2520223/taxpayers-harpooned-on-stadium.html#ixzz1f1xUJqsS

How generous of them. As the title goes, the residents of Tampa Bay owe a big debt of gratitude to the Miami Marlins and their boondoggle, and I hope that once talks of a new stadium for the Rays resurfaces (because it will) that they might learn from this experience.

UPDATE:

The U.S. Securities & Exchange Commission has opened an investigation into the public financing deal behind the Miami Marlins’ new ballpark.

SEC officials delivered letters to the city of Miami and Miami-Dade County Thursday, requesting financial records, meeting minutes and communications with the team and officials from Major League Baseball, according to a person familiar with the matter. Miami and county officials have until Jan. 6 to deliver the documents.

The federal regulators will examine nearly $500 million in bonds sold to fund the ballpark and the financial deal struck for stadium parking garages, according to the county and to a statement from the team.

A person involved with the ballpark’s financing said the investigation may revolve around the Marlins’ claims that the team needed public help because it could not afford to pay for a new ballpark.

Read the entire story: SEC Examines Marlins Stadium Deal http://on.wsj.com/vPYCvl via @WSJ