The on-again, off-again deal to build a new, $1.3-billion ballpark for Tampa Bay Rays of Major League Baseball in St Petersburg, Fla., has gone to extra innings.
After two earlier delays, on Dec. 17 the Pinellas County board of commissioners approved $312.5 million in bonds to finance its portion of the stadium, but a final agreement still remains up in the air.
The Rays maintain the funding vote delays moved the project completion date back a year and substantially increased the cost of the new stadium. The club says the delay makes it unrealistic for them to solely pay for the increased cost, so it wants to renegotiate the deal it agreed to in July.
“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,” club president Matt Silverman said in a statement released after the commission vote.
“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 can not absorb this increase alone. When the county and city wish to engage, we remain ready to solve this funding gap together.”
Mortenson Construction has already been selected to build the 30,000-seat enclosed ballpark with a three-deck design. The venue, designed by Populous, will feature a fixed roof and large wraparound windows. Glass panels near the roof will diffuse light to brighten the environment.
Earlier this year, the county commission voted to invest $312.5 million in public funds to support financing and construction of the stadium using Tourist Development Tax revenue to pay off the debt while St. Petersburg City Council voted to approve bonds to fund $287.5 million.
The goal was to open the new stadium in time for the 2028 baseball season. The agreement between the county and the club did not outline a specific timeframe for the county to issue bonds. The franchise has spent the better part of nearly two decades trying to build a new ballpark.
The Rays were under the impression the deal would be approved but it got complicated when the county commission postponed the vote.
A vote on a resolution by the Pinellas County board of commissioners was set to proceed on Oct. 29 but it was deferred in the devastating aftermath of hurricanes Helene and Milton. A vote was deferred a second time, on Nov. 19, after two newly elected commissioners took office.
In a 6-1 vote, the board agreed to move the discussion to the Dec. 17 meeting to give commissioners an opportunity to have additional questions answered and review additional public comment. Commissioners were also concerned where the Rays would play while Tropicana Field is repaired. County Pinellas officials were pushing for another ballpark in the same county, while the Rays favoured another venue in neighbouring Hillsborough County.
At the recent meeting, county commissioners adopted a supplemental bond resolution and approved the form of documents for financing the 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, 2025, for the bonds to be issued. Board action on the bonds has no contractual impact on the terms of the agreement. Should the Rays not fulfill the requirements, the bonds will not be offered for sale.
The board held the line on previously agreed-to terms that included, among other things, providing an updated project budget and schedule, before the county would be required to issue the bonds.
Just minutes after the commission voted to approve the bonds, the team blamed the county for cost overruns and announced its earlier deal needed to be renegotiated. In the initial ballpark agreement, the Rays pledged to commit roughly $700 million and cover any cost overruns. Pinellas County and the City of St. Petersburg together agreed to contribute about $600 million.
Both St. Petersburg’s mayor and city council members as well as county commissioners and staff have been adamant that they would put no more money into the stadium deal agreed to in July.
The team has an agreement to play at Tropicana Field through 2027, but due to hurricane damage to the ballpark the Rays are expected to play in Tampa at Steinbrenner Field for the 2025 season. Fibreglass panels on the roof of the stadium ripped off during Hurricane Milton. Estimated cost of the repairs is $55.7 million which would be done in time for the 2026 season.
The stadium is planned to be built in an 86-acre area of St. Petersburg known as the Gas Plant district. Along with the stadium, Houston-based development firm Hines is planning a $6.5-billion project to build eight-million square feet of mixed-use buildings on 86 acres around the stadium.
