Tampa Bay Rays Stadium Agreement Expires
The highly anticipated agreement to construct a $1.3 billion stadium for the Tampa Bay Rays near downtown St. Petersburg has officially expired. This comes after the Rays failed to submit the necessary documentation to move forward with the stadium and Historic Gas Plant District redevelopment project by the mandated deadline.
Rays Fail to Meet Requirements
Rays owner Stuart Sternberg announced earlier this year that the team would not be proceeding with the project. The agreement stipulated that the Rays had to demonstrate having $700 million available for the stadium and meet certain project milestones to unlock public funding.
City Focuses on Tropicana Field Repairs
With the termination of the new stadium agreements, the city is now shifting its attention to Tropicana Field repairs as outlined in the original 1995 agreement. Plans to allocate $22.7 million for dome replacement are currently in motion.
Impact on Development Deals
The termination of the stadium agreement also cancels the sale of public land to the Rays and their development partner. This includes a community benefits package that offered jobs, support for minority-owned businesses, and funding for the Woodson African American History Museum of Florida.
Future of the Historic Gas Plant District
Despite the setback with the stadium deal, St. Petersburg Mayor Ken Welch remains committed to revitalizing the Historic Gas Plant District. Plans for condos, affordable housing, entertainment venues, and office space are still underway.
Community Redevelopment Area Extension
The Intown CRA, a downtown community redevelopment area, has been extended for another 10 years. This move allows for reinvestment of tax dollars generated by new developments back into the area.
Conclusion
While the stadium deal may have fallen through, the city of St. Petersburg continues to pursue its vision for redevelopment and economic growth in the region.
FAQs
Q: What led to the expiration of the stadium agreement?
A: The Rays failed to meet the financial and project milestone requirements set forth in the agreement.
Q: What happens to the planned development of the Gas Plant District?
A: Mayor Ken Welch is determined to move forward with the redevelopment plans, with or without the Rays’ involvement.
