The St. Petersburg City Council’s narrow 4-3 vote in favor of the bonds represents one of two necessary approvals for the Ray’s new ballpark project. The council members Richie Floyd, Lisset Hanewicz, and John Muhammad opposed the bonds, consistent with their earlier stances against the deal in July. Meanwhile, the District 3 seat remains unoccupied, which could have influenced the vote dynamics.
Despite this approval, uncertainty looms as Pinellas County’s commission must still decide on its portion of the financing, incorporating $312.5 million expected from bed tax revenue. Scheduled to meet on December 17, past delays in the vote indicate skepticism among some members, leaving the project’s future uncertain.
Although the Rays had threatened a halt to the project over escalating costs due to a potential one-year construction delay, recent developments suggest a possible shift in their stance. “Quite frankly, I think we’re calling [the Rays’] bluff…,” stated council member Brandi Gabbard, supporting the bonds. She expressed hope that the county would approve its financing, compelling the Rays to secure additional funding or revisit negotiations.
The urgency of the matter is underscored by the impending unavailability of Tropicana Field in 2025, prompting the Rays to temporarily relocate to George Steinbrenner Field in Tampa, incurring significant financial impacts. Moreover, the original agreement places responsibility for cost overruns on the Rays, expecting them to contribute approximately $600 million to the project.
Those against the bond issuance argue that funds could be redirected to critical needs within the county, which has recently confronted severe hurricane damage. Despite the opposition, St. Petersburg Mayor Ken Welch remains cautiously optimistic, citing productive discussions with project developers, Pinellas commissioners, and Rays’ leadership, including owner Stuart Sternberg.
Welch conveyed that while substantial issues persist regarding the Rays’ stadium obligations, progress is being made towards a resolution. The stadium project is not purely a sports initiative; it encompasses the redevelopment of the Historic Gas Plant District. This redevelopment is poised to bring substantial residential, office, retail, and community space to the area, aspiring to revitalize a neighborhood historically compromised for significant urban development.
Matt Silverman, president of the Rays, acknowledged the city council’s decisive step, indicating a collective desire to advance the stadium plans. Nevertheless, the success hinges on upcoming decisions and further financing solutions to forge ahead.
The outcome of Pinellas County’s upcoming decision will determine the fate of the new stadium project for the Tampa Bay Rays. While St. Petersburg’s approval is a positive indication, multiple financial and logistical challenges remain to be addressed. The project’s dual nature, serving both sports and community goals, adds a layer of complexity that stakeholders must navigate to achieve the desired outcomes.
Source: BusinessObserverFL
