The Miami Herald takes a look at the bonds that paid for Marlins Park and reveals their true cost to Miami taxpayers:
Miami-Dade borrowed about $400 million in that deal by selling bonds on Wall Street. During the commission discussion on the Dolphins plan, Mayor Carlos Gimenez mentioned one set of stadium bonds worth about $90 million would cost more than $1 billion to pay back. We at the ETM thought: Can that be true? The answer: yes.
Click through to read the gory details. Then never, ever believe a politician who claims that it’s a good idea to invest public dollars in a stadium project again.
(link via Deadspin)
