Tampa Bay Rays Stadium Funding Plan: Rays Pay Half, Seek Public Funds for Remainder

New Stadium Proposal for Tampa Bay Rays

• ⚾ The Tampa Bay Rays are moving forward with plans for a new stadium, with a potential partnership with Hillsborough College in Tampa.
• 💰 The team's new ownership group has signaled their intent to fund at least half of the stadium's construction costs.

Public Funding Sources Explored

• 📊 An agenda for the Hillsborough County Commission meeting outlines potential public funding avenues for the remaining stadium costs.
• 🧾 Suggested sources include tourist development taxes, corporate income tax, Community Redevelopment Agency (CRA) funds, hotel special assessment fees, and facility rent charges.
• ⚠️ The agenda clarifies that no general funding revenue is being considered and no public funding deal has been finalized yet.

Economist's Perspective on Stadium Deals

• 💡 Economist Jeffrey Profiter emphasizes that the percentage of funding is less important than the total amount, stating that 50% of a large sum is still substantial.
• ❓ Profiter questions the feasibility of using CRA property taxes, especially in light of potential legislative efforts to eliminate non-school property taxes in Florida.
• 🎯 The core question remains whether investing in a new stadium is the best use of public funds compared to alternative options.

Next Steps in the Process

• 🗓️ Numerous details still need to be finalized over the coming months.
• 📝 A term sheet is expected to be presented to the Hillsborough County Commission, detailing the expected taxpayer contribution for the new stadium.