The Hillsborough County Commission on Tuesday, Nov. 10, approved $90 million for a new Tampa Bay Rays stadium. It also agreed to issue bonds worth up to $263 million.
Commissioners passed a package of four related resolutions on financing the planned stadium, which is valued at about $2.36 billion. They added the facility to the list of projects that can be paid for with the renewed Community Investment Tax (CIT). From the CIT fund, they set aside $90 million for the project’s first budget, for fiscal year 2027. They also added the stadium to the county’s tourism development plan.
The bonds of up to $263 million are to be secured by revenue from the tourist development tax, a tax on lodging. The tourism plan also includes a separate $40 million payment from reserves from that tax. The total pool of public county money for the project is $796 million. It consists of $360 million from the CIT, $263 million from bonds, $103 million from other sources and $30 million in federal disaster recovery aid.
According to County Attorney Julia Mandell, the county will not disburse funds until the Rays show that their share of the financing is secured and until a court validates the bonds. The County Attorney’s Office expects to begin the court validation of the bonds within two weeks. Further votes on the remaining financial documents are scheduled for December.
Five commissioners voted for the package: Ken Hagan, Christine Miller, Chris Boles, Harry Cohen and Gwen Myers. Joshua Wostal and Donna Cameron Cepeda, who opposed the original agreement, remain opposed. Wostal warned against spending public money before the stadium plans are finally settled.
At Tuesday’s meeting, most of the residents who spoke criticized the plan. They pointed to the losses in property tax revenue expected by the county. Supporters argued that development around the stadium would bring in property tax revenue. The Rays plan to open the facility for the 2029 season. The stadium is to be built on the Hillsborough College campus on Dale Mabry.
Source: Florida Politics, Tampa Bay Times
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