Hillsborough County Commissioners agreed to use another $250 million in tourist bed taxes to help pay for a complete renovation of Benchmark International Arena.
The Lightning will pay about $75 million for the renovation. The deal keeps the team in Tampa for an additional six years, extending its lease through the 2043 season.
Commissioner Christine Miller said it's worth it to keep the city's premier arena competitive. The facility, which opened in 1996 and is owned by the county, annually hosts more than 150 events, including hockey games, concerts, shows and other sporting events.
"Our community wants to keep the Tampa Bay Lightning in Tampa," Miller said. "They've invested heavily in our area, the surrounding area, and the people of this community want the continuation of this investment. Our arena is nearly 30 years old, and it's gonna cost us less to maintain it than it would to build something new."
Commissioner Harry Cohen emphasized the county's portion of the renovation will be paid for by tourists staying at local hotels.
"It is an enormous privilege and responsibility to be an NHL community, and we have to step up and make sure that our facility is first class in order to uphold our end of the bargain," he said, "and they end up their end of the bargain by putting out a great product."
The agreement would increase the maximum the county would pay from $108.5 million to $358.5 million. The Lightning would spend roughly $75 million. And the team would have to make the renovations before it can be reimbursed through the bed taxes.
Commissioner Joshua Wostal worried having the team pay for about 25% of the renovation costs might set a precedent for similar deals for the Buccaneers and possibly the Rays.
Commissioner Chris Boles said, "In my opinion, this agreement is like comparing apples to rocks."
The NFL team has said it is planning a major renovation for 28-year-old Raymond James Stadium. The Major League Baseball team is beginning early negotiations with Hillsborough College about building a stadium on property occupied by the school's North Dale Mabry campus.
"I've heard credible concerns from members of the (Tampa Sports Authority, the arena's landlord) and others in the community about precedents that this agreement may set and certainly understand the hesitation," Boles said, "But it's not the same, the funding sources are different. The risk to taxpayers is different, and certainly it shouldn't be judged on the same or by the same standard."
Commission Chair Ken Hagan said former Lightning majority owner Jeff Vinik helped transform downtown Tampa with his vision for the Water Street Tampa development. Vinik was part of the development firm, Strategic Properties Partners, until selling his stake in 2023.
Vinik sold a controlling portion of the team and the Vinik Sports Group that manages it in 2024, but he remains a minor owner and will run the business through 2027. VSG’s assets include the lease on the arena.
Hagan said the new owners will continue Vinik's approach.
"What has impressed me about the new owners, Doug Ostrover and Marc Lipschultz, is that they've made it very clear that they share the same vision and commitment as Jeff and are going to follow the Vinik model on the ice philanthropically and with their continued community investment and impact," Hagan said.
He said that was backed up by a December announcement for another phase of development at Water Street, including an outdoor music venue, hotel, retail and restaurants adjacent to the arena. VSG will partner with Strategic Property Partners to manage the music venue.
