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5/19/08 Rays Unveil Financing Plan
On Thursday,
May 15, 2008, the Rays presented in City Council chambers its proposed financing
plan to fund and build a new waterfront stadium on 15-acres downtown, while
relinquishing the existing 85-acre Tropicana Field site for redevelopment.
The
Rays’ proposal consisted of funds being derived from five distinct
sources:
·
$150
million up front from the Rays team
·
$70
million as a Developer’s purchase price for Tropicana Field
·
$100
million an extension of the 1% bed tax on Pinellas County hotel stays
·
$75
million an extension of the City of St. Petersburg’s contribution to
Tropicana Field
·
$55
million in parking revenue from new stadium
During the
unveiling of the Rays’ financial plan several key benefits were
outlined, which included:
·
The
new stadium would reduce its carbon footprint by 70% from 85-acres at
Tropicana Field to only 15-acres in the downtown waterfront location
·
If
the developer pays for the land upfront, Tropicana Field’s remaining
debt would be fully paid off by the $70 million purchase price (seven years ahead of
the bond agreement)
·
Represents
a $215 million revenue source to schools; with the redevelopment of
Tropicana Field’s 85-acres projected sales tax revenues
·
Preservation
of the city’s historic baseball heritage at the former Al Lang site
The
financial plan proposal represents a first step in a series of subsequent
planning meetings to fully appraise its workability. The city will host a
final public hearing on the project on Thursday, May 22nd.
On June, 4, 2008. City Council Members will vote whether to place the new
stadium project on the November 2008 ballot as a community referendum.
To learn
more about this project, please visit the city’s website or the Rays site at www.majorleaguedowntown.com.
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