The Tampa Bay Rays have clinched local government support for the construction of their $1.37 billion, 30,000-seat stadium in St. Petersburg, after Pinellas County Commissioners approved local funding this week for the said ballpark project.
The commissioners approved $312.5 million in tourism tax revenue to be allocated for the design and construction of the stadium, which will be the centerpiece of the $6.5 billion Gas Plant redevelopment. This investment guarantees that the Rays will remain in St. Petersburg for at least 30 years.
St. Pete Rising further reported:
The vote follows the City of St. Petersburg’s approval of the stadium and Gas Plant District development agreement and signing off on their portion of the funding.
The funding from both the city and county also guarantees the Major League Baseball team will remain in St. Petersburg for at least 30 years with two five-year renewals on the lease. Pinellas County will own the stadium.
There also is a separate non-relocation agreement that commits the Rays to remaining in St. Petersburg for the duration of the lease.
The City of St. Petersburg is contributing $417.5 million, including $287.5 million for the stadium and $130 million for infrastructure on the Historic Gas Plant District site.
The city is also selling roughly 65 acres of public land valued at $280 million to the Rays for $105 million. The city would also fund a $12 million wastewater facility for the site.
The Rays are picking up the rest of the tab – covering $700 million and any cost overruns for the ballpark.
The remaining costs of the entire development will be funded using a mix of debt, equity, and other sources.
