Tampa eyes bonds to fund Rays stadium deal
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Rendering: Courtesy of Tampa Bay Rays
Tampa City Council will vote Thursday on a resolution that would allow the city to borrow up to $80 million to help pay for a new Rays ballpark.
Why it matters: The vote would give Tampa more flexibility in paying for its share of the stadium, but borrowing the money could leave taxpayers with a bigger bill.
Driving the news: City Council agreed in August to contribute up to $80 million for the stadium, paid in four annual installments, to be used for roads, sidewalks, parking and other public infrastructure.
- But the agreement did not specify where the money would come from. City staff wrote in an agenda item that Tampa may need to borrow some or all of it to cover its contribution.
- The city's finance department recommends seeking court approval for that potential borrowing alongside its $80 million commitment, giving Tampa legal cover if it decides to issue bonds later.
Between the lines: Thursday's vote would allow Tampa to seek court approval to borrow up to $80 million. It would not, however, commit the city to taking on that debt.
- Even if a judge approves the borrowing, City Council would have to vote again before issuing bonds.
The big picture: Tampa could wind up paying millions more for the stadium if it finances its $80 million contribution through bonds.
- That's on top of the $100 million, plus interest, the city has already agreed to repay the Rays, using future property tax revenue from a new stadium district carved out of Drew Park.