Miami Mayor Inks Deal To Build Stadium

"Declaring that Miami is a sports town that belongs in the major leagues, Miami-Dade Mayor Alex Penelas signed a deal Sunday with the Florida Marlins to build a $385 million baseball stadium in downtown Miami. Team owner John Henry and Penelas signed a letter of intent that spells out the terms of the surprise agreement and gives both sides 60 days to negotiate a final arrangement for a stadium with a retractable roof and 40,000 seats. As part of the deal, the Marlins agree to change their name to the Miami Marlins and pay the county $6 million a year for 40 years to play in the stadium. In exchange, the county pledges hotel tax money to build the ballpark."