\u201cJust rolling it back to 2032 is already a compromise, because I have some real moral qualms with it existing anymore \u2013 like past today,\u201d Floyd said. \u201cSo, I would like to see us move something forward.\u201d<\/p>\n
Local governments establish CRAs to revitalize blighted areas by diverting property tax increases within the district to redevelopment and infrastructure projects. The money would otherwise go toward citywide expenses.<\/p>\n
The Intown CRA, established in 1982, runs east from Tropicana Field to the St. Pete Pier. Floyd has called it a \u201clarge subsidy for downtown\u201d that \u201clocks tons of wealth\u201d into a now-thriving area.<\/p>\n
No one spoke in opposition to unraveling the extension Thursday. City Administrator Rob Gerdes said the mayor\u2019s office is \u201cgenerally comfortable with rolling it back,\u201d although he also suggested ending it in 2034.<\/p>\n
\u201cI think this is a very simple conversation at this point,\u201d said Councilmember Brandi Gabbard. \u201cIt\u2019s a prioritization of funding that is being held hostage in one area. We are going to need additional funding to meet the needs of residents citywide.<\/p>\n
\u201cIt made sense at the time for that specific project. I don\u2019t believe it makes sense anymore.\u201d<\/p>\n
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<\/p>\n
Mayor Ken Welch is now reviewing a new proposal to reimagine the area around Tropicana Field. Rendering provided.<\/p>\n
City officials agreed to contribute $212.5 million to a new Rays stadium. They also planned to complete $130 million in infrastructure upgrades.<\/p>\n
Intown CRA coffers will collect an estimated $223.2 million by 2032. That number soars to $515.6 million in 2042.<\/p>\n
While previous plans to redevelop the Gas Plant and Trop site have withered<\/a>, Welch is now reviewing a new $6.8 billion proposal \u201cin detail.\u201d Some version of the generational project \u201cremains a top priority of my administration,\u201d he said Oct. 3.<\/p>\n Ark Ellison Horus expects infrastructure costs to total $239 million, according to the proposal<\/a>. The development team plans to use tax increment financing (TIF) funding provided by the Intown CRA to help foot the bill.<\/p>\n The Rays<\/a> will also ask the City of Tampa or St. Petersburg to help pay for a new ballpark<\/a> surrounded by a massive mixed-use development. Controlling owner Patrick Zalupski made that clear Tuesday.<\/p>\n \u201cI think it\u2019s critical to have a public-private partnership,\u201d Zalupski said. \u201cThere\u2019s so many nuances to how a deal could come together. We\u2019re confident that Tampa Bay wants to see us be successful. Everybody wants to deliver a championship team, and so this is going to be critical in doing that.\u201d<\/p>\n Welch, in a prepared statement sent Thursday, said he had a \u201cproductive introductory meeting\u201d with Zalupski\u2019s group following Tuesday\u2019s press conference. He anticipates \u201congoing conversations about the future of Major League Baseball in St. Petersburg.\u201d<\/p>\n However, officials refrained from discussing the Gas Plant or Rays during the committee meeting, despite both previously leading to the Intown CRA\u2019s extension.<\/p>\n