Hillsborough County says it's unlikely it can meet Tampa Bay Rays' June 1 deadline for stadium funding deal
Rays stadium funding plan deadline
Hillsborough County officials are throwing cold water on the notion that the Rays stadium funding plan can be signed, sealed and delivered by June 1. FOX 13’s Evan Axelbank reports.
TAMPA, Fla. - Hillsborough County officials say it is unlikely they can meet the deadline the Tampa Bay Rays have set for funding deals to be in place.
The backstory:
The Rays had been focused on a June 1 deadline because they said not meeting it would jeopardize the budget of the entire project.
A new county memo sent to the Rays says it is most likely going to take between 60 and 90 days to finish negotiations, which would put completion of the deal anywhere between June 23 and July 23, or between three and seven weeks late.
Right now, the two sides are negotiating over $750 million of funding to build a stadium centerpiece on a 100-plus acre site at Hillsborough College, located across Dale Mabry Highway from Raymond James Stadium.
Courtesy: Tampa Bay Rays
The county responded today to a draft of the agreement with 14 separate categories of questions that include numerous inquiries within each heading.
Those questions include requirements that the public funding can never outpace the Rays’ investment, proof of why the stadium will cost so much, and a schedule for when funding will be needed.
Dig deeper:
Last week, the Rays said meeting the timeline was essential, because not doing so, in their view, would jeopardize the funding plan.
The organization said it was not a matter of being pushy, but rather practicality.
Hillsborough County commissioner and staunch advocate of the project, Ken Hagan, had been pushing for a vote by the first week of May.
"I would encourage staff to continue working on the remaining deal points internally and with the team and make every effort possible to resolve the outstanding issues in advance of our May 6 meeting," Hagan said. "When I say that, I do recognize that this will require the team to make concessions on a number of issues."
By the numbers:
The city of Tampa is being asked for $250 million.
The city is being called on to provide CIT sales tax money and tourist taxes.
The Rays say they'll pitch in at least half of the $2.3 billion stadium.
The two sides, as of last week, were said to be $75 million apart.
"We are 93% of the way there," one county budget cruncher said.
Courtesy: Hillsborough County
Last week, commissioners voiced concerns about traffic and the reliability of sales and property tax money, given the number of cuts Tallahassee has put in place or is proposing.
The Rays and outside economists say the stadium and surrounding development could generate $475 billion in economic activity, and 9,400 jobs with an average $80,000 salary.
What they're saying:
The Rays released a statement Thursday in response to the latest county memo, saying:
"We are working diligently on the list of questions provided to us by the county and city and will share our responses with them soon. With the right public-private partnership, we can build a world-class ballpark by 2029 and remain focused on doing so."
What's next:
The plan had been to hold a vote during the first week of May.
Courtesy: Tampa Bay Rays
The city of Tampa has its own workshop planned for May 5.
But if the timeline is 60 to 90 days, that would put the deal being finished sometime between June 23 and July 23.
The Source: Information for this story was gathered from a Hillsborough County memo to the Tampa Bay Rays, last week's Hillsborough County Rays workshop meeting, and economic development analysis by AECOM.