The Pinellas County Commission has approved a $312.5 million bond issue to fund its share of the Tampa Bay Rays' $1.3 billion new stadium project, despite lingering concerns over cost overruns and delays, the Center Square reported.
The 5-2 vote, delayed twice, now allows the county to proceed with selling the bonds, contingent upon the Rays meeting their obligations under the agreement.
The project is part of a broader $6.5 billion redevelopment plan in St. Petersburg's historic Gas Plant District. The new stadium will be covered and serve as the centerpiece of a mixed-use development.
The Tampa Bay Rays have expressed frustration over delays in approving the bond issue, which have pushed the stadium's completion back to 2029. In a statement, team president Matt Silverman emphasized the financial strain this has caused.
"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 increase alone," Silverman said.
Silverman reiterated that the team is open to working with local governments to address the funding gap caused by the delays.
The St. Petersburg City Council recently approved its $287.5 million share of the project. However, the city's earlier decision to delay votes on bond measures contributed to the timeline shifts that have driven up costs.
The City Council has also faced challenges with the Rays' current home, Tropicana Field. Hurricane Milton, a Category 3 storm, heavily damaged the stadium's roof, tearing 18 out of 24 panels. Repairs are estimated at $55 million.
Newly-elected commissioners Chris Scherer and Vince Nowicki voted against the bond issue, citing concerns over the deal's financial implications.
Commissioner Chris Latvala, a former stadium opponent, changed his stance after Major League Baseball Commissioner Rob Manfred expressed his commitment to keeping the Rays in the Tampa Bay area. However, Latvala criticized the team's ownership, suggesting the leadership may need to change.
Due to storm damage, the Rays will temporarily play their 2025 home games at George Steinbrenner Field, the New York Yankees' spring training facility in Tampa. The team will spend much of the season on the road to avoid the region's rainy season.