Hillsborough County commissioners took several steps Tuesday toward fulfilling their financial commitment to the construction of the planned $2.36 billion Tampa Bay Rays ballpark.
The actions include setting aside $90 million in the county's renewed Community Investment Tax fund for the project and authorizing the county to issue up to $263 million in bonds backed by tourist development taxes.
The $90 million appropriation is part of the county's $360 million commitment from the renewed CIT, which takes effect Dec. 1.
Commissioners also voted to add the stadium to the list of infrastructure projects eligible for that tax revenue.
Use of the county’s tourist tax financing involved two votes. Commissioners included the ballpark project as an anticipated use of the Tourist Development Plan. That would cover debt service on bonds as well as a separate $40 million payment from tourist tax reserves.
A separate resolution authorized the county to issue up to $263 million in bonds from the so-called bed tax for its share of the ballpark's construction costs. The bonds would be repaid from the third- and sixth-cent tourist development taxes, not property taxes.
The bond validation process must still be completed, and commissioners must approve final bond details before issuance.
The county’s investment is significantly more than the city’s. It will be capped at $796 million, including $360 million from the Community Investment Tax, $263 million in Tourist Development Tax-backed funding, $103 million from other unspecified funds and $30 million in federal disaster-recovery money.
The actions were part of the stadium development and funding agreement approved by the county, the city of Tampa and the Rays in August. That agreement calls for the county to provide $796 million toward the project.
In addition to the CIT and tourist money, the county has committed $103 million from other unspecified funds and $30 million in federal disaster-recovery money.
The Rays will cover more than $1.3 billion and all cost overruns. The city is committed to contributing $80 million toward construction.
The contract covers stadium construction on a 115-acre Drew Park parcel now used by Hillsborough College’s Dale Mabry campus. The Rays plan to open the stadium for the 2029 season.
A privately funded, mixed-use development is planned on the property around the ballpark. A new Community Development District would collect tax-increment revenue generated by the development to help finance stadium infrastructure.
The creation of the district and changes to Tampa's existing Community Redevelopment Areas still require separate approvals by the city and county, including formal action by the Tampa CRA Board.
