Pinellas County Commission approves $312.5M in bonds for new Rays stadium in St. Petersburg
/An earlier rendering of the future stadium planned by the hines and tampa bay rays | hines and tampa bay ray
After a two-month delay, the Pinellas County Commission has voted to honor its commitment to financially support the development of a new $1.3 billion Tampa Bay Rays stadium.
At a Tuesday meeting, county commissioners voted 5-2 to allocate $312.5 million toward the construction of the 30,000-seat ballpark. The county’s share will be funded through existing tourist taxes collected on hotel stays and short-term rentals.
Newly elected commissioners Vince Nowicki and Chris Scherer voted against the proposal, while Commissioners Chris Latvala, Kathleen Peters, Dave Eggers, Rene Flowers, and Brian Scott voted in favor of approving the bonds.
The full development of the gas plant district would include a new convention center, a hotel, affordable housing off and on site, Class A office space, a woodson african american museum of florida, and much more | Tampa Bay Rays
With the key vote from the county commissioners and the City of St. Petersburg approving their issuance of $287.5 million in tax-exempt bonds, the ultimate decision now rests with the Rays, which are on the hook to cover any cost overruns and have publicly stated they cannot absorb increased costs.
To proceed with the stadium development, the Rays must meet several conditions by March 31, including financial and design milestones.
If the team withdraws from the stadium agreement, it would trigger a default under the related development agreement governing the redevelopment of the 86-acre Historic Gas Plant District. Such a withdrawal would result in the Rays losing their development rights for the district.
a rendering showing the pedestrian-level activation around the new stadium | tampa bay rays
Following the anticipated approval from commissioners, Rays co-president Matt Silverman said there is still a financial gap as the setbacks in the bond issuance will push the new stadium opening by at least a year, delaying it from 2028 to 2029.
“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," 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.”
In past statements, several Pinellas County Commissioners and St. Petersburg Mayor Ken Welch have stated they have no interest in increasing the public subsidy on the stadium.
iThe new $1.3 billion Tampa Bay rays stadium is set to be the most intimate in Major League Baseball with a capacity of 30,000 | Tampa Bay Rays
In a letter sent to commissioners prior to the vote, the Rays responded to Pinellas County’s request for information regarding the team fulfilling their stadium obligations. The Rays said they've completed 50% of the design and spent $11.6 million as of July 31st.
The bond approval comes after MLB Commissioner Rob Manfred lobbied the Pinellas County Commission and met with Governor Ron DeSantis earlier this month.
"Last week I spoke to MLB Commissioner Rob Manfred who expressed to me his support of Major League Baseball in Tampa Bay and the importance of passing these bonds to keeping the Rays in Tampa Bay. While I do not trust the owner of the Rays, I trust Mr Manfried. He is the reason I am voting yes," Chris Latvala said in a statement.
"MLB is aware of several instances where the Rays organization has intentionally tried to sabotage the very deal that they agreed to. As a result of this vote, it is my hope that Tampa Bay Rays will finally have an owner that our other wonderful local franchises have. Rays fans deserve to have our own Vinik, Steinbrenner, Glazer or Middleton who care more about the fans and community as they do their own bottom line."
A rendering of the new stadium that would have a fixed roof and would be used to host additional events | tampa bay rays
Following the vote, Welch expressed his gratitude for the county and their due diligence.
"As I’ve stated from the start, the Historic Gas Plant District deal could not happen without the impactful partnership of Pinellas County. I’m thankful for the Commission’s thoughtful deliberation and support of this transformational project," he said in a prepared statement.
"We will continue to focus our work on repairs to Tropicana Field to meet our current obligations, and our ongoing discussions with the Rays and other stakeholders to move this project forward."
The Rays are set to play in Tampa at Steinbrenner Field for the 2025 season after Tropicana Field sustained significant damage from Hurricane Milton.
The team has not announced where it will play during the 2027 and 2028 seasons.
