stadium financing

I want to keep the Rays, but I also want to know what we’re buying before the public gets stuck with a bill close to a billion dollars, and some assembly required. The City and County have promised about $876 million for construction, but borrowing costs, the full College relocation budget, and other public costs are still up in the air.

After going through agreements, financial projections, and more acronyms than I can count, I still haven’t found proof that this deal pays for itself. The possible benefits include a County-owned stadium and future tax revenue. But some important agreements are still missing or not easy to find, and the projections depend on the development actually happening. As my grandfather might have said, this feels like “hide the weeny.”

Based on what I know today, I’m a “no” on this deal. I’m open to changing my mind if officials can fill in the gaps, particularly around the full taxpayer cost and the impact of the property-tax amendment. Keeping the Rays is a good goal, but it deserves a deal the community can understand, with enough time to read the paperwork before somebody points to the signature line.