The Rays, increasingly racing against the clock to get a deal done for a new, $2.3 billion ballpark in Tampa, are likely looking at a vastly different financing model for the stadium project.
After months of planning for a city contribution of up to $180 million coming from a community investment tax and a community redevelopment area, Tampa leaders are now looking at a reworked model. The new notion is instead based on tax-increment financing of a mixed-use development around the ballpark.
This revised structure is designed to draw from commerce created within the ballpark project, as opposed to funds targeted for broader public-sector needs. The TIF model is also designed to spin off additional money for public infrastructure after the stadium is funded.
“What I’m trying to do is create a win-win-win situation,” said Tampa city council member Bill Carlson, seen as a critical swing vote, to WUSF-TV. “The city went from having to pay money, taking money from other sources, to now participating in a revenue stream that will fund infrastructure without raising taxes. We’re not subsidizing any for-profit activities.”
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