St. Petersburg approves $333.5 million for Rays’ new stadium

The Tampa Bay Rays moved a step closer to a new stadium, as the St. Petersburg, Florida, City Council voted 4 to 3 Thursday to approve $333.5 million in bonds for that project and redeveloping an adjacent land parcel.

But the deal depends on the Pinellas County Commissioners voting to approve different bonds for the two projects in mid-December.

“We appreciate that the St. Petersburg City Council took action on this item today,” Tampa Bay Rays President Matt Silverman said after the vote.

If they ultimately go forward, the city will issue $77 million Series 2024A bonds and a $214.5 million Series 2024B bond for the stadium project, and $42 million Series 2024C bonds to redevelop an adjacent historic gas plant property.

BofA Securities and Raymond James would serve as lead underwriters, PFM Financial Advisors as municipal advisor, and Bryant Miller Olive as bond counsel.

A variety of non-ad valorem taxes and fees would be used to pay off the bonds.

The bonds would mature no later than December 31, 2055.

The proceeds from the Series 2024A and 2024B bonds would be added to other sources to fund the $1.3 billion 30,000-plus-seat stadium. Proceeds from the Series 2024C bonds would be used to finance infrastructure improvements in the gas plant district to support the facility.

The Rays have been seeking a replacement for Tropicana Field for years.

This summer Hurricane Milton damaged its roof, forcing the team to play elsewhere next season.

The Rays plan to play in the New York Yankees’ minor league facility Steinbrenner Field next season.

At Thursday’s meeting, St. Petersburg Mayor Ken Welch said he recommended the council approve the bonds.

But City Council Member Lisset Hanewicz voted against the bonds since no Rays’ officials attended the meeting.

Stadium costs are mounting for local and state governments across the United States.