Feb 17, 2008 5:13 PM EST

The Florida Marlins and local governments are close to finalizing the financial details of a $515 million proposal that would provide the team with a brand-new ballpark, according to the Associated Press.

The 37,000-seat park would be built on the site of the current Orange Bowl.

The latest version of the proposal requires that Miami-Dade County contribute $347 million in funding. That money will be collected mostly via tourist tax dollars.

The team would contribute $155 million for the stadium, which could open by 2011.

Via ESPN