Featured image credit: Tampa Bay Rays/Populous
Pinellas County has signed off on its portion of the financing needed for a proposed $1.3bn (£1.02bn/€1.24bn) ballpark for the Tampa Bay Rays, placing the onus on the MLB franchise to determine whether to press forward with the project.
The Pinellas County Board of County Commissioners yesterday (Tuesday) adopted a supplemental bond resolution and approved the form of documents for the financing of a new Rays stadium.
In a 5-2 vote, the Board agreed to move the stadium deal forward, with recognition that the Rays must meet specific criteria by March 31 for bonds to be issued. The Board held the line on previously agreed-to terms and requested continued project updates moving forward.
“Today we let the world know that Pinellas County is a great collaborative partner,” Commission chair Kathleen Peters said.
Adopting the supplemental bond resolution was an additional step for the Board after reaching agreements with the City of St. Petersburg and Rays last summer concerning the funding, construction, and ongoing operations of the new stadium.
In July, the Rays had said they looked forward to building the “best neighbourhood ballpark in Major League Baseball” after clearing what appeared to be the final key hurdle for a stadium project that has been 17 years in the making.
The Pinellas County Board of County Commissioners approved an historic partnership with the City of St. Petersburg and the Rays to build a multi-purpose ballpark that will anchor the City’s transformative $6.5bn Historic Gas Plant District redevelopment project.
The Commission voted 5-2 to contribute $312.5m of bed tax revenues toward the stadium design and construction. This tourist development tax provides revenue which the County can legally spend on a limited range of projects meant to encourage tourism, including sports venues.
The County vote came after the Rays took a “huge step forward” towards ending their near two-decade search for a new ballpark earlier in the month after St. Petersburg City Council approved the Historic Gas Plant District Redevelopment scheme.
This earlier announcement also included the news that construction and development firm, Skanska, had been approved to oversee the redevelopment of the Historic Gas Plant property and the design and construction of a new MLB stadium for the Rays.
Pinellas County Commission was in-line to potentially have the crucial final word on the ballpark deal after St. Petersburg City Council voted to approve its side of the financing deal for the project earlier this month.
Having appeared to have been on a smooth road to final approvals earlier this year, the stadium project for the MLB team has been dealt substantial blows in the wake of Hurricanes Helene and Milton, which in October caused major damage to the team’s current home, Tropicana Field.
A vote on the funding resolution was deferred by Pinellas County on October 29 in the aftermath of the hurricanes, and again on November 19, after two newly elected commissioners took office. Following the latter decision, the Rays subsequently stated the planned 2028 delivery of the stadium had been ruled out.
The County yesterday reiterated that the Rays must meet several requirements before it would be required to issue the bonds. Should the Rays not fulfil the requirements, the bonds will not be offered for sale.
The City of St. Petersburg is set to spend $417.5m on the mixed-use district – $287.5m for the stadium and $130m on infrastructure. The Rays’ anxiety over the current delays is tied to its side of the financing deal. Under the agreed-upon contract, the Rays are responsible for $700m for the stadium, plus significantly all cost overruns incurred by any delay.
Following yesterday’s vote, the Rays reiterated their stance regarding the need for further negotiations amid what the team claims are significantly increased construction costs following the delays.
“It was unsurprising to see the Commissioners acknowledge how important the Tampa Bay Rays and our stadium development agreement are to this community and its citizens,” Rays president Matt Silverman said in a statement.
“As we have made clear, the County’s delay has caused the ballpark’s completion to slide into 2029. As a result, the cost of the project has increased significantly, and we cannot absorb this increase alone. When the County and City wish to engage, we remain ready to solve this funding gap together.”
The Rays last month decided they will play the 2025 MLB season at the New York Yankees’ spring training home, George M. Steinbrenner Field, due to the repair work needed for Tropicana Field.
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