Community Investment Tax

Among the changes in the 134-page contract from May's nonbinding MOU: The Rays increased their commitment by $100 million, to $1.37 billion, with a corresponding decrease in the public contribution.

On “Florida Matters Live & Local,” Tampa City Councilman Bill Carlson discusses his plan to help pay for a new Rays stadium that would also address years of deferred infrastructure needs.

A draft is expected to go public Thursday. The agreement, which will include recent proposals by Councilman Bill Carlson, would then be added to upcoming agendas for the city council and county commission.

On Monday, the Rays are scheduled to announce the firm that will oversee building the ballpark. Meantime, Hillsborough College President Ken Atwater says definitive agreements on financing could reach local officials within days.

Bill Carlson says the Rays are receptive to his plan to cover Tampa's share of construction through new tax-increment revenue from the stadium district that would also seed a citywide infrastructure trust fund.

The Bucs' plans include a shading structure to protect fans from the elements. Tampa City Council Chair Alan Clendenin says that's an example of a desire — not a lease obligation — as far as taxpayers are concerned.

Local government support for the Rays' ballpark was fragile before the tax measure went on the November ballot. Now, the Tampa Sports Authority is writing a letter to state its priority: Raymond James Stadium.

In an interview with the Tampa Bay Times, CEO Ken Babby says the economics behind the $2.3 project are settled after local approvals of a non-binding MOU, with the focus now on nailing down unresolved issues.

With a tense 4-3 vote, the city approved the non-binding agreement, allowing negotiations to continue on building the ballpark. But council members still have several concerns.

Presentations from the team and city staff are slated on how Tampa can cover a proposed $251 million share of the project's financing through a CRA and the Community Investment Tax.

Commissioner Ken Hagan tells WDAE existing restricted revenues can fund most of the county's share, but critics of the plan say taxpayers are still exposed through reserves and emergency dollars.

The team reduced its public funding request to about $1 billion for its $2.3 billion proposed stadium, but Hillsborough officials say financing assumptions and deal terms still require further talks as deadlines near.