Rays deal moves ahead as property tax cuts loom
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Rendering: Courtesy of the Tampa Bay Rays
The Hillsborough County Commission voted Tuesday to set aside $90 million from its half-cent sales tax and authorize up to $263 million in bonds to help finance a new Rays stadium.
Why it matters: The votes clear the way for the county to seek court validation of bonds for the stadium and set up another round of financing approvals in December.
- The county won't spend a dollar on the stadium until the Rays show proof of financing and a judge approves the bonds, county attorney Julia Mandell said at Tuesday's hearing.
Driving the news: Commissioners Ken Hagan, Christine Miller, Chris Boles, Harry Cohen and Gwen Myers did not waver in their support of the new stadium and voted to pass the four-part financing package.
- The only "no" votes came from outgoing Commissioners Donna Cameron Cepeda and Joshua Wostal, the latter of whom argued the deal "was not drafted with Amendment 3 in mind."
Inside the room: Most people who spoke at the hearing opposed the deal, arguing that a county about to lose hundreds of millions in property taxes has no business chipping in for a new stadium.
- "The public tolerance for corporate subsidies is at absolute zero," said Ann Hartwell. "The financial landscape has changed and it's time for this board to change course."
- Supporters argued the stadium would offset lost revenue. Doug Batista told commissioners the development planned alongside it would bring in hundreds of millions in property taxes.
What's next: The county attorney's office expects to start bond validation within two weeks.