All the ways the Rays stadium deal can still fail
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Rendering: Courtesy of the Tampa Bay Rays
The clerk tallied the vote. The yeses carried it. And against all odds, after years of disagreements and near-misses, a deal to build a new ballpark for the Rays and keep baseball in the region for years to come was, at last, reached.
- The council was St. Petersburg's, the year was 2024, and the deal fell apart by the following spring.
Why it matters: The Tampa City Council and Hillsborough County Commission last month signed off on the region's largest commitment to a sports stadium, a feat that seemed impossible only weeks ago.
- But if St. Petersburg's experience is any indication, we're far from done.
Driving the news: Last week, the City Council delayed some of the steps needed to release stadium funding.
- Meanwhile, Commissioner Joshua Wostal pulled an agreement naming the Tampa Sports Authority as the county's representative under the deal from Wednesday's consent agenda for discussion.
- None of these actions alone would delay construction or sink the deal, but the Rays have a long checklist and a narrow window to open the stadium by 2029, which leaves little room for setbacks.
Zoom in: Of the $796 million Hillsborough County is putting toward the stadium, $228 million would come from a bond sale backed by tourist development taxes. That's where the last deal took a turn for the worse.
- Before the county can sell those bonds, commissioners must approve a resolution and complete court validation.
- But the onus isn't all on the county. The Rays must also line up their financing and complete the stadium's schematic design.
Yes, and: Hillsborough County plans to spend another $360 million from the Community Investment Tax on the stadium.
- Before it can, the county must hold a public hearing and add the stadium to the list of projects eligible for the tax. The county needs those changes in place by October, when the fiscal year begins.
- The deal also calls for the County Commission to consider the ballpark operating agreement in October. The county and the City Council then have until December to take up interlocal agreements.
The big picture: The make-or-break deadline is still months away.
- The Rays originally sought $180 million from Tampa. Instead, the team will front $100 million, which the city would repay using future property tax revenue from the stadium district.
- By June 30, the city and county must complete a series of approvals tied to the Community Development District, which the city plans to use to repay the $100 million loan.
The bottom line: If they don't, the Rays can walk away from the deal.