Tampa City Council members narrowly approved a move Thursday asking a court to validate issuing $80 million in bonds to pay for the city\u2019s portion of building the new Rays stadium on the Hillsborough College\u2019s Dale Mabry campus.<\/p>\n
It doesn\u2019t authorize issuing the bonds \u2013 just getting a ruling that it can borrow to pay its share. The city has already agreed to pay the Rays $20 million a year for four years.<\/p>\n
City council Chair Alan Clendenin says it gives the city another tool to borrow money if it needs to.<\/p>\n
\u201cWe\u2019ve signed an agreement, a legally binding agreement that we are obligated for $80 million,\u201d he said. \u201cIf we fail to finance this, what you\u2019d be doing is you\u2019d be taking money from other projects, including flooding projects and street reconstruction.\u201d<\/p>\n
\u201cThis is an opportunity that gives us a tool in our tool chest to be able to fund our obligation. If we didn\u2019t do that, we would end up having to either pay it through general funds or CIT (Community Investment Tax) or some other form.\u201d<\/p>\n
The vote was initially rejected because of a 3-3 tie. It was approved by getting Councilman Bill Carlson \u2013 who was sick \u2013 to vote virtually from his home.<\/p>\n
Councilman Charlie Miranda was one of three \u201cno\u201d votes. He said the team hasn\u2019t agreed to other outstanding issues.<\/p>\n
\u201cI was advised that the stadium deal was done, that everything is signed and so forth. Do we have a community benefits deal done? Do we have the stadium lease deal done?\u201d he asked. \u201cSo, it\u2019s all on their side. We can only wiggle and say we want to be a worm, but we can\u2019t fly. Well, they can do whatever they want.\u201d<\/p>\n
Steve Miller, the city\u2019s bond counsel, said it was strictly a procedural vote.<\/p>\n
\u201cThis is a lawful authorization to not only do the $20 million per year for the contract,\u201d he said, \u201cbut if you so decide in the future to borrow money to pay any or all of one of the annual payments, we want to validate to protect the city that it is a lawful use of debt proceeds.\u201d<\/p>\n
City officials also have the option of paying the money by other means, including tourist development taxes. It does not authorize using property taxes. If it does decide to issue bonds, the city\u2019s ultimate payments could go up to $140 million because of interest.<\/p>\n
The Rays hope to break ground next month and open the stadium in time for the 2029 season.<\/p>\n
The team has committed to paying for half of the $2.36 billion stadium and all cost overruns, with the rest from Hillsborough County and the city of Tampa.<\/p>\n
Steve Newborn is a reporter with WUSF, the bay area\u2019s NPR affiliate.<\/p>\n
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