Drafted Trop stadium agreement shows city’s strategy

Taking notes from outside municipalities that have formed similar agreements with their sports teams, the city of St. Petersburg has drafted a term sheet with the Tampa Bay Rays for a new baseball stadium. 

In a the 39-page term sheet, obtained by the St. Pete Catalyst, the agreement sets forth provisions for the city, county and the Rays regarding the demolition of the existing dome structure and the design, development and construction of a new stadium “that is comparable in size, scope and quality as the first-class stadiums recently constructed in Cobb County, Georgia.” 

The documents provide a detailed description of the Atlanta Falcons’ new stadium plan that creates “an iconic landmark for the City of Atlanta and the State of Georgia while incorporating the latest in sustainable/LEED advancements related to design, construction and ultimate operations.” 

The city also made comparisons and references to interlocal agreements formed by the Miami Marlins and the Atlanta Braves MLB teams, as well as the Orlando Magic basketball team, regarding maintenance and shared uses of the stadiums. 

According to St. Pete’s drafted agreement, the Rays would be required to enter a contractual non-relocation agreement to indicate their long-term commitment to stay in the city. The initial term of the use, management and operation of the stadium would be intact for 30 years, commencing upon substantial completion of the stadium.

The county would own the new stadium site and lease the site to the city for the term of the agreement. The leaseback of the site would give the city “sole, exclusive and complete [control] of the management and operations of the NSP [new stadium site] and all improvements.”

The construction phase would not commence until the city and the county have accepted the GMP (guaranteed maximum price) and all public sector funding has been appropriated and deposited. The term sheet does not indicate specific monetary figures associated with the development of the stadium or the city and county’s contributions.   

The document states that any property from the county for the site would be provided as is with existing conditions such as its utilities, pipelines and railroad tracks. 

The Rays must also have numerous approvals in hand for the site plan, environmental study, land use changes and any interlocal agreements, and the project must be consistent with the Intown West Redevelopment Plan and comply with the community benefits program. 

If this current version of the agreement is signed, it states that any dispute between the Rays, the city and/or county regarding the design and construction process would need to be resolved within 90 days of executing the term sheet. 

St. Petersburg Mayor Ken Welch previously said he expects to reach an agreement on the stadium with the Rays by mid-year, while an agreement for the remaining acres would be reached by early next year. 

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