Merrill Lynch bought $169 million in bonds to finance the project and a check for $130 million was given to San Diego Mayor Dick Murphy last week. The check presentation ends -- for now -- more than three years of squabbling and a struggle to assemble a financing plan for the ballpark, now scheduled to open in 2004.
Says Padres president Bob Vizas: "It's hard to believe, but I think we're finally here."
The bond issue was the last piece of a complex $450 million financing structure that has been delayed by 16 lawsuits, as well as a political scandal, since voters approved the project in November 1998.
Work stopped in October 2000, when temporary funding ran out. The city is putting up $206 million for the project, and the Padres are responsible for $146 million. The city's downtown redevelopment arm and port district also will chip in.
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