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Rays To Reveal Financing Plan For Stadium
Artist rendering by Tampa Bay Rays
The council is set to decide June 5 whether to authorize a referendum in November on a new downtown stadium at the site of Progress Energy Park
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Published: May 15, 2008
Updated: 05/15/2008 12:03 am
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ST. PETERSBURG - Eight months after announcing plans to build a $450 million downtown waterfront stadium, the Tampa Bay Rays are set to reveal details today on how they intend to pay for the project.
Rays representatives would not discuss any financial components for the proposed stadium, but it apparently would not rely on property taxes generated by the redevelopment of Tropicana Field, as initially proposed.
"I think it's high time we talked about numbers," St. Petersburg City Council Chairman James Bennett said Wednesday. "I think everyone in the community is waiting."
Bennett said the Rays, who plan to cover a third of the new stadium's cost, have moved away from using downtown property taxes, or tax increment financing, as part of the financing plan, judging from what he heard at a recent meeting he had with Rays Senior Vice President Michael Kalt.
The Rays are calling the financing plan preliminary, a starting point for discussions with both St. Petersburg and Pinellas County. They will present it during a 3 p.m. city council meeting at St. Petersburg City Hall.
"As we have maintained since proposing the new ballpark and redevelopment of Tropicana Field last October, the plan will not require any new taxes," Rays President Matt Silverman said in a statement. "In fact, the plan should create new public funds in excess of those requested for the ballpark - dollars which can be used to help fund city and county services as well as Pinellas schools."
Growing increasingly impatient, city council members last month asked the Rays to submit a financing plan by Friday. Council members will discuss the plan at a workshop May 22.
The council is set to decide June 5 whether to authorize a referendum in November on a new downtown stadium at the site of Progress Energy Park, home of Al Lang Field. The council already has given the go-ahead for the city to begin negotiations with two of three developers who offered bids to redevelop the 86-acre Tropicana site into a massive mixed-use project.
It's not clear what public money the Rays are seeking. But one funding source that's been floated is renewing a county 1-cent bed tax on hotel stays, which now helps pay the debt on Tropicana Field.
The bed tax expires Sept. 30, 2015, but could be extended and the money raised could be applied to pay debt on bonds issued for a new downtown ballpark.
"We wouldn't expect the city to be solely responsible for the public contribution," Kalt said. "We realize we need to engage the county on what they think is an appropriate level of participation for them. But we expect it to be a joint effort of us and the city and the county to get this done."
Some county commissioners already have said they would not support the Rays' proposal if it involves using future property tax revenue generated by the redevelopment of the Tropicana site.
"I think the message from the commission has been no new property taxes," county Commissioner Ken Welch said. "I think they have that message. My assumption is they will ask us to extend that 1-cent bed tax."
However, Bennett said the Rays also may have to kick in more than the $150 million they plan to contribute toward the project.
"If there's a lot of borrowing involved. I'm not sure the taxpayers are going to want that, either," Bennett said.
Reporter Carlos Moncada can be reached at cmoncada@tampatrib.com or (727) 451-2333.
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Reader Comments
Posted by ( Say_So ) on May 15, 2008 at 5:31 a.m. ( Suggest removal )
What would the hurricane insurance costs run per year, for a $450 million structure (assuming it doesn't go over budget), partially built on fill dirt in the ocean? Would coverage be for replacement costs? And I've also read some supporters claim building the new downtown stadium would more than pay for itself. If that is true shouldn't we build more than one?
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Posted by ( bhnh0907 ) on May 15, 2008 at 7:44 a.m. ( Suggest removal )
First off, why should citizens have to help with the cost? We pay with admission fees and food. I don't understand how its legal to use tax payers money.
Second, why on Earth would you build an open air stadium in Florida? Man is it going to be HOT!!!
Third, the Rays just started becoming good. It's still too early in the season and just because a team "may" have a good season doesn't justify building a new stadium. One season isn't enough. Attendence is still too low anyway.
This seems like another example of people getting greedy and then wanting to use tax payers money. If I said I wanted tax payers money to build myself a new home people would think I was smoking crack. What's the difference with a sports arena? It's privately owned too!
The Rays are doing just fine in their current home.
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Posted by ( Cristy12 ) on May 15, 2008 at 8:29 a.m. ( Suggest removal )
I remember in Pittsburgh when they raised taxes to build two new stadiums, Heinz Field and PNC Park. These players don't need a new stadium. But if they do, then they make alot of money, why don't the players pay for it? They charge us enough for the tickets AND they suck. I mean come on.
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Posted by ( Ryan_Levi_Lesswick ) on May 15, 2008 at 9:15 a.m. ( Suggest removal )
plan = bamboozle tax payers
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Posted by ( Tampabayraysfan ) on May 15, 2008 at 9:52 a.m. ( Suggest removal )
I am so excited about this new stadium. What a great way to show St. Petersburg waterfront on Nationwide TV! We live in a wonderful area and you cannot see that when watching a game on tv. It is not likely that there will be an All-Star game at the Trop. Look at all of the information and pros before just saying "the weather is too hot." This will bring a lot of money into St. Petersburg. Many people go to the game, leave the game and go home. Some may go to Ferg's but there isn't a lot of overflow into downtown. 175 and 375 drop people right at the Trop. When people have to drive through downtown to get to the game, they might see a restaurant they would like to go to or many of the other busineses in downtown. This is a great opportunity that should be embraced!
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Posted by ( Justin_Elza ) on May 15, 2008 at 10:03 a.m. ( Suggest removal )
If there was not going to be a bed tax after 2015 and now there is, that's NEW. And since it's a TAX, it would be a NEW TAX!
Love how they dance around the issue and prevaricate things to death.
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Posted by ( bhnh0907 ) on May 15, 2008 at 11:27 a.m. ( Suggest removal )
Tampabayraysfan,
When it's 90 degrees out, how could I not be concerned about the heat watching a game?
Yes, the Bucs stadium is open, but that too stinks at times. For Florida, it just makes sense to me to have the field close/air conditioned.
Also remember it's going to be warmer on/near the water.
What's the real reason to build a new field?
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Posted by ( tomcat ) on May 15, 2008 at 12:15 p.m. ( Suggest removal )
I just can't wait to see Pinellas county and the city of St. Pete get screwed again by the devil rays. What a joke. I really hope that they all see that is truly a BIG waste of money of a baseball team that completely sucks. This team will not be here in five years they will move or baseball will downsize. Take the money you would spend on the ballpark and HELP THE PEOPLE WHO NEED HELP IN PINELLAS COUNTY. Need I say more.
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Posted by ( picogator ) on May 15, 2008 at 12:16 p.m. ( Suggest removal )
Too all those who scream about the hot weather....look at all the stadiums (pro and college) what are NOT enclosed. Just how many are enclosed for baseball or football in the South? Could probably count them on one or two hands. And for our cold weather friends (I lived in OH for years), they rarely enclose stadiums...look at Green Bay, Cleveland, Pittsburgh, Buffalo, etc. etc. etc. Die hard fans endure.
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Posted by ( Acelion ) on May 15, 2008 at 1:25 p.m. ( Suggest removal )
bhnh0907, I think you need a little meterology lesson. It is not hotter on the water. It is more moderate. When the temperature outside is very warm it will be a few degrees cooler by the water. Likewise, when the temperature outside is cold it will be a few degrees warmer near the water. Therefore, pointing out that it will be on the water is actually detrimental to your argument.
As for you, tomcat, why don't you just say that you don't want the stadium because you don't like baseball. That must be the case if you don't even realize that this team definately no longer sucks. Check the standings before using that as an argument against a stadium.
Bottom line is that the Rays are bending over backwards to make this work without requiring any of you to pay taxes that you aren't already paying. But all you want to do is complain because you just like being miserable and don't want to see St. Petersburg become any bigger or better than it is.
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Posted by ( IREADER ) on May 15, 2008 at 1:39 p.m. ( Suggest removal )
Negotiate and build the stadium! You will always have the nagging naysayers.....most of which haven't even heard of the plan, yet.
This is a good kind of community progress and development.
BUILD THE STADIUM!!!
GO RAYS!!!
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Posted by ( Ray_dar ) on May 15, 2008 at 3:51 p.m. ( Suggest removal )
Keep the Dome Home! Baseball outside in the Tapa area would be a disaster. Even worse than the one that allowed it to be put in St Pete to begin with. Go Rays!!
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Posted by ( SOGAN ) on May 15, 2008 at 4:20 p.m. ( Suggest removal )
Break the lease and more to Tampa.
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Posted by ( Kathleen ) on May 15, 2008 at 7:08 p.m. ( Suggest removal )
Now the Rays have absolutely zero credibility-so much for "no new taxes"! An extension of a tax that was supposed to terminate is a "new tax"- $100 million from the county and $75 mill from the City, oh and sell the city's $70 mill asset and use City's garage assets to generate $55 mill in parking revenue. Pathetic financial plan. Baker should be recalled for wasting taxpayer's resources on these corporate welfare daddies!
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