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Commissioners explore Rays Stadium funding options
FOX 13's Evan Axelbank reports.
TAMPA, Fla. - The Tampa Bay Rays have released renderings of their new desired stadium, but there is no funding plan yet. One potential method of funding is already controversial.
That is the Community Investment Tax (CIT), which Hillsborough County voters first approved in 1996, then re-approved in 2024.
What we know:
The stadium's biggest backer on the Hillsborough Commission, Ken Hagan, tried to be blunt about it.
"This agreement does not happen without CIT funding. It just doesn't," said Hagan. "I want to be honest about that. I don't want to play games with that."
The CIT is a half-penny sales tax that has been applied to every sale in Hillsborough County since 1996.
It has raised more than $3.5 billion, and is currently split between the county, the cities of Tampa, Plant City and Temple Terrace, the school district and the Tampa Sports Authority.
Previous Coverage: Tampa Bay Rays unveil renderings for proposed $2.3B stadium at Hillsborough College
It has funded 784 public projects, including fire stations, roads and parks. And, it funded the debt on Raymond James Stadium.
So can CIT money be used on a new stadium?
"The work of assembling a financing structure will be challenging and complicated," said Hillsborough County Administrator Bonnie Wise.
Big picture view:
The thought is that CIT money could be added to hotel taxes, revenue the site generates, and even rental car fees, to contribute to the public's half of the $2.3 billion stadium.
The question may not be "can it be done?" but rather, "is it allowed to be done?"
"We promised everyone on the public record that the CIT numbers would be ineligible for the use of new public facilities," said Hillsborough County Commissioner Joshua Wostal during a county meeting on Wednesday.
What they're saying:
Wostal points to their April 2024 meeting, when ballot language was approved for voters to extend the CIT.
After his motion, several currently on the board, including Commissioners Donna Cepeda and Gwen Myers, agreed with Wostal.
Commissioners voted 5-2 to send to the ballot the language that extends the CIT for fifteen years.
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There was nothing on the ballot about sports stadiums. It passed with 52% support from the voters.
"My intentions are not to intervene in the success of this project going forward," said Wostal, "but rather act in the best interests of the taxpayers of Hillsborough County."
What's next:
The question for those driving the stadium push, is whether there is a mechanism for CIT funds to be used, which Hagan says is essential to seeing the renderings come to life.
The board voted this week to move forward with negotiations between the Rays and the county.
They have under six months to reach an agreement.
The Source: Information for this story came from this week's Hillsborough County Commission meeting and research conducted by FOX 13's Evan Axelbank.