ST. PETERSBURG, Fla. — The back-and-forth over whether to move forward with the deal for a new $1.3 billion Tampa Bay Rays stadium in St. Pete has Pinellas County commissioners pointing to a different stadium deal — the A’s in Las Vegas — for what they want to see from the Rays before making a crucial vote.
Ahead of their meeting Tuesday, when Pinellas County commissioners could vote on whether to issue more than $300 million in bonds to pay for their share of the stadium, the county is requesting “proof” the Rays have been meeting their deal obligations and are financially able to.
“I think we should need the pressure on them to perform, and then when they have performed, we will do what we are supposed to do,” newly-elected Commissioner Chris Scherer said during a workshop session Thursday.
“In my opinion, we should not be voting on this at all until [the Rays] provide us with assurances that they can meet their 11 conditions,” he added. “They are supposed to provide us with letters of credit or assurances that they have cash on hand to fund their portion of the development. They have not done that.”
“We certainly can send a letter, but my expectations are pretty low about getting anything,” Commissioner Chair Kathleen Peters said.
In a letter sent following the workshop and obtained by 10 Tampa Bay, the county requested an updated project budget, schedule and the status of other conditions laid out in the deal.
In previous statements, Rays team leaders have said they’ve met all their obligations to this point but added there is a financial gap created by two separate delays on bond issuing at the county level, and the team on the hook for cost overruns. The Rays say the delays have pushed back the project a full year.
Pinellas County’s attorney and administrator has informed the board no deadline has passed for the county to issue bonds. They legally have until a March 31 deadline, when all parties must meet their conditions for the deal to remain valid.
At the same time, the Rays say they’ve already spent $50 million on the now-halted project, something commissioners say they also want proof of.
“Is there any evidence they have spent $50 million?” Commissioner Chris Latvala asked during the workshop.
“Not that we've seen,” their attorney replied.
In their quest for more information, some commissioners are pointing to another major stadium deal running in parallel to the Rays on the other side of the country.
“We have a congruent comparable right now happening in Nevada, in Las Vegas,” Commissioner Vince Nowicki said.
A $1.75 billion stadium proposal for the Athletics (formerly of Oakland) just took a major step forward, with the Las Vegas Stadium Authority approving lease and development documents. The project will require $380 million in public funds.
Before that vote on Dec. 5, A’s owner John Fisher provided the board with documents showing his financing is in place.
Letters include a review of his finances, bank loan commitments and a pledge from Fisher and his family to cover $1.1 billion of the total cost.
“Why can't we get that same treatment from our owner?” Nowicki questioned. “I don't think it's asking a lot for the Rays to be able to show, 'Hey, we have the money to do this if they're serious about staying here.'"
10 Tampa Bay is waiting to see if the Rays will be providing any more documents before the county’s meeting on Tuesday.
Four of the seven county commissioners still have reservations on approving bonds at this point. The three in support say there is no financial consequence for the county if the bond process is started and the Rays end up not wanting the deal or fail to meet their obligations by March 31.
“We need to get this thing off of our plate. We need to move. If the Rays fail to meet their obligations by March 31, we got nothing to lose. In my opinion is we just need to follow through, get this thing done and move on our way,” Scott said.
Last week, the city of St. Petersburg approved bonds to fund their share of the stadium, which in total will cost more than $600 million in public money.