Thrive
Third time’s the charm: County approves Rays stadium bonds

While significant hurdles remain, a deal to build a new Tampa Bay Rays stadium in downtown St. Petersburg has seemingly risen from the dead.
Pinellas County Commissioners authorized a bond sale to finance their contribution for a $1.37 billion ballpark in a 5-2 vote Tuesday night. Their belated approval followed two postponements and several hours of ardent debate across multiple meetings.
Commissioners Dave Eggers and Chris Latvala voted against the long-negotiated deal in July. Their bond authorization approval – albeit for radically different reasons – may have kept the Rays from relocating to another market.
“I think there is something to be said for us making commitments, not only to this company but to any other company,” Eggers said. “I think what we say and what we intend to do is important.”

A new $1.37 billion stadium will anchor the Historic Gas Plant District’s $6.7 billion redevelopment. Rendering: Tampa Bay Rays/Hines.
Latvala hopes to facilitate a team ownership change and protect the 65 acres of prime real estate surrounding the stadium site. A new ballpark will anchor the Historic Gas Plant District’s $6.7 billion redevelopment.
Major League Baseball Commissioner Rob Manfred recently reiterated his support for keeping the team in Tampa Bay. Latvala said he became an ally to counter Rays owner Stuart Sternberg’s adversarial role.
“I think it is very possible Stu Sternberg will try to keep the land development deal and use the hundreds of millions of dollars he will receive … to move the Rays out this market – if we do not pass the bonds,” Latvala continued. “I hope our vote today helps set the wheels in motion for a new owner and a new era of Tampa Bay Rays baseball.”
The county will contribute $312.5 million in bed taxes – a 6% surcharge on overnight stays – to Tropicana Field’s replacement. Officials can only use the money on projects that increase visitation.
St. Petersburg belatedly approved its non-ad valorem bond sale Dec. 5. The city will finance $287.5 million for stadium construction costs and $130 million to upgrade infrastructure throughout the surrounding mixed-use district.
Mayor Ken Welch thanked commissioners for their “thoughtful deliberation” and support for a “transformational project” in a prepared statement. “As I’ve stated from the start, this deal could not happen without the impactful partnership of Pinellas County,” he said.
“We will continue to focus our work on repairs to Tropicana Field to meet our current obligations, and our ongoing discussions with the Rays and other stakeholders to move this project forward.”
The Rays will contribute $700 million to a new stadium and cover all cost overruns. They must also pay for insurance and other operational expenses not included in the current use agreement with St. Petersburg.
Commission Chairperson Kathleen Peters has said the Rays stand to lose about $100 million by playing games at a minor league stadium in Tampa rather than a storm-damaged Trop. Latvala expects team officials to ask for at least that much due to construction delays they blame on the board’s bond authorization postponements.
“It was unsurprising to see the commissioners acknowledge how important the Tampa Bay Rays and our stadium development agreement are to this community and its citizens,” said team president Matt Silverman in a prepared statement. “As we have made clear, the county’s delay has caused the ballpark’s completion to slide into 2029. As a result, the cost of the project has increased significantly, and we cannot absorb this cost alone.
“When the county and city wish to engage, we remain ready to solve this funding gap together.”

From left: Tampa Bay Rays co-president Matt Silverman; co-president Brian Auld; Sandy Sternberg, director of concessions and retail; and his father, owner Stuart Sternberg. Photo by Mark Parker.
The Rays have until March 31, the bond sale’s deadline, to prove they completed several planning and funding requirements. County officials have seen a $100 million MLB Infrastructure Facility loan, and documents obtained by the Catalyst state the team received a “preliminary financing commitment” from Goldman Sachs for $600 million.
David Abrams, a county consultant with Inner Circle Sports, said teams typically wait until deadlines approach to prove they have met those obligations. He stressed that the authorization does not require the county to sell the bonds – or release the proceeds – until the Rays reach initial and additional milestones.
Abrams also explained that if the team defaults on the agreements, they must reimburse the city and county for all expenditures. Commissioner Renee Flowers said, “All eyes will now be watching to ensure the Rays uphold their part of the deal.”
She added that the project’s benefits, particularly for underserved communities, were “unfathomable.” However, Flowers, like her county and city colleagues, is adamantly against providing additional public funding.
“Today, we made a decision to let the world know we’re still great, collaborative partners,” Peters said.
Eggers, Latvala, Peters, Flowers and Commissioner Brian Scott, a vocal proponent of the project’s economic impact, approved the bond authorization. Recently elected Commissioners Chris Scherer and Vince Nowicki dissented.

S
December 20, 2024at10:03 am
Thank you for explaining that, Hal! I hope you’re right—I don’t know all the backstories, but what you said makes complete sense.
The fact that a local government would proceed with this deal, or even consider it a good idea, is astonishing—especially given the history of the hurricane-wrecked stadium. That structure now stands as a massive, uninsured liability for taxpayers. And when we look at stadium projects across the country, it’s clear this isn’t just about challenges—it’s about a pattern. Time and again, these projects fail to deliver on the promises made by developers and politicians. It’s the rule, not the exception. Stadium projects have failed taxpayers and economic development 100% of the time.
It does seem this fiasco starts with the current mayor, who has been deeply unimpressive. If and when this deal collapses, taxpayers will be left with an enormous financial burden to address the wrecked stadium—all because of insurance mismanagement. It’s unbelievable, but even that outcome would still be better than moving forward with this disastrous development deal.
Why taxpayers—or anyone—would believe this mayor is capable of handling a deal like this is beyond comprehension. It’s pure delusion.
Adding to the mess, there are credible concerns about conflicts of interest. I’ve read that some council members who voted on the project may have had relatives financially tied to the developer or the baseball team. While I don’t know the details, it’s a serious allegation that demands investigation. If true, it raises enormous questions about the integrity of this process. How could something so significant not be explored more thoroughly?
And then there’s the complete disregard for public input. The idea of moving forward with billions of dollars of development without putting it to a public vote is staggering. Who decided to cut voters out of the process on a project of this scale? It’s hard to believe the sheer arrogance—or incompetence—at play here.
Ryan Todd
December 19, 2024at4:55 pm
Those of us opposed to the Trop deal must do our best to isolate the mayor politically and fire his enablers like Rob Gerdes.
Alan DeLisle
December 19, 2024at9:13 am
You avoid all this nonsense from the beginning if you negotiate a tough, fair deal. Welch ushered this all in, the sold out five Council members sat on their egos, and the Chamber couldn’t see beyond its membership.
Unfortunately for St Pete, the games have only begun. This is the last thing St Pete needs or deserves. Does anyone really think there is a better 65 acres in the country?
S
December 19, 2024at8:00 am
“Officials Can Only Use the Money on Projects That Increase Visitation” – The Biggest Half-Truth in Town
Sure, it’s technically true. But it’s also a Jedi mind trick—misleading and conveniently narrow. The real question isn’t whether a project increases visitation, but whether it does so in a way that actually benefits everyone, not just a select few. So let’s play a game of “What Could Have Been.”
The St. Pete Wish List: Visitation AND Value for Taxpayers
1. A World-Class Convention Center
Imagine a state-of-the-art facility that attracts massive conventions, trade shows, and expos year-round. You know what beats 81 baseball games a year? 365 days of events. And don’t forget—Orlando doesn’t have a monopoly on tourism. We have something they don’t: actual beautiful beaches. Why not use that to lure visitors for both business and leisure?
2. Festivals Galore: Think New Orleans Without the Hangover
Festivals bring in droves of visitors and delight the locals. Jazz, seafood, art, film—take your pick! New Orleans proves it works. And bonus: festivals don’t require a billion-dollar structure to sit empty most of the year.
3. Revitalized Parks and Public Spaces
A beautifully upgraded park system attracts families, joggers, picnic enthusiasts, and yes, tourists. Parks are photo ops waiting to happen. Plus, they improve quality of life for everyone—not just the out-of-towners.
4. Pristine Beaches with Better Access
Our beaches are already a major draw. But let’s imagine cleaner, more accessible, and fully serviced shorelines. Sun, sand, and surf beat a strikeout any day.
5. A Vibrant Waterfront
Our waterfront could rival any major city. Picture lively promenades, outdoor markets, and waterfront dining. Visitors would flock, and locals would love it, too.
6. Tourist (and Local) Transit Systems That Actually Work
A reliable, efficient shuttle system connecting hotels, attractions, and the beaches? Genius! Tourists would rave, and locals might even start forgiving the traffic nightmare we call downtown.
Instead, We’re Building… Another Stadium?
Here’s the kicker: the current stadium was a flop. It’s an eyesore. A monument to bad decisions. So what’s the solution? Apparently, to pour even more money into building an even more expensive flop. Because nothing says “economic wisdom” like doubling down on a losing bet.
The Real Problem? A Failure of Imagination
St. Pete deserves better. With a little creativity, we could have had projects that not only bring in visitors but also enrich the lives of those who live here. Instead, we’re stuck with the same tired playbook.
In the end, it’s not about the stadium or even the money. It’s about vision. And unfortunately, right now, we’re squinting at the horizon through a pair of cheap sunglasses.
HAL FREEDMAN
December 18, 2024at4:56 pm
Former St. Petersburg Mayor Bill Foster posted the following on Facebook this morning. Former Mayors Baker or Kriseman could just as easily have posted it. Rays’ ownership brought this same deal to each of these mayors, who all turned it down! The Rays finally found a mayor who would let them get away with it.
The post: “I don’t post a lot, but this is so fun to watch. The Rays, City, and County, are all providing some wonderful entertainment and political theater just in time for the holidays. I feel like I’m watching Poker Night and the County just went all in with a great hand. Stu has a losing hand and he knows it. Ultimately, Mr. Sternberg will fold and the deal will die, and the Rays will be no more in St Pete. Neither the City nor the County could afford to “breach” the agreement which is exactly what Stu was counting on. He wants to move the team but still make $$$ on the development. The good guys have called his bluff, so now he has no choice but to throw down his cards and walk away. He is NEVER going to go through with the deal as written. However, he is not going away without one final attempt to stick it to the good people of Pinellas. Stu’s playbook: 1) blame the city/county for acts of God and costs increases; 2) accuse city/county of breach…. Seek legal remedy; 3) ask for unconscionable amendment terms; 4) whine and blame the public for lack of support; 5) stir the pot with very public visits to potential venues outside Florida; 6) call Ken Hagen to hold a silly press conference; 7) threaten to tie up the land in litigation. I’ve got more; I’ve seen the Rays playbook. Let’s see how many I get correct. The Rays think we are stupid. Please, let’s prove them wrong.”
HAL FREEDMAN
December 18, 2024at4:48 pm
The Rays have already, in writing, started to weasel out of their contractural obligation to cover cost overruns. No matter how much they whine, the Rays cannot blame the County or City for delays that increased the potential overruns. Neither body was obligated to get bond funding until March 31, 2025. If the Rays had other issues in mind (election bringing in unfriendly legislators, etc.), their brilliant attorneys should have included those issues in the contract.
Steve D
December 18, 2024at1:03 pm
Mike,
Why?… Because you disagree with others’ opinions and decisions politically?
Mike
December 18, 2024at6:56 am
Americas governing has lost its legitimacy.