Florida TaxWatch has released a report titled "If You Build It, He Will Come: Florida TaxWatch Looks at the Tampa Bay Rays Ballpark Proposal," analyzing the proposed $1.3 billion ballpark project in St. Petersburg. The study, requested by City Councilwoman Lisset Hanewicz, examines the joint plan between the City of St. Petersburg and the Tampa Bay Rays for a new 30,000-seat stadium on Tropicana Field's current site.
The project involves nearly eight million square feet of mixed-use development surrounding the ballpark. The City and Pinellas County are expected to cover about half of the project's costs, prompting Florida TaxWatch to assess potential community benefits and economic impacts while identifying risks that local officials should consider before voting.
Jeff Kottkamp, Executive Vice President & General Counsel and Acting President & CEO of Florida TaxWatch, stated, “To be clear, Florida TaxWatch is not drawing conclusions as to whether the Tampa Bay Rays’ ballpark proposal is ‘good’ or ‘bad.’ With this report, we simply outline a variety of important factors, including a few major risks, that should be taken into consideration by local officials in order to determine if the plan is in the best interest of Tampa Bay area taxpayers."
The City plans to fund its estimated $287.5 million share through bond sales, while Pinellas County will use its tourist development tax for its estimated $312.5 million share. The Rays-Hines ownership group will cover remaining costs and lease the ballpark for 30 years with an option for a further 10 years.
Community benefits include establishing an African American Museum and creating over 6,300 residential units in the Historic Gas Plant District. Additionally, nine million square feet of space will be developed for entertainment and retail purposes. The Rays-Hines group also pledges $50 million for local business support and education restoration.
Concerns from Florida TaxWatch highlight potential costs reaching nearly $2.4 billion when considering actual and opportunity costs versus an estimated $600 million initial projection. The institute notes that neither entity currently possesses funds to meet their shares fully.
However, after comparing cost-sharing strategies with other publicly funded stadiums, Florida TaxWatch finds this strategy reasonable with both entities covering 50 percent of expenses.
The report warns there remains a possibility that the team could break its lease agreement leading to fiscal losses if they relocate elsewhere without fulfilling contractual obligations locally associated with managing operations within stipulated terms outlined contractually agreed upon beforehand during negotiations conducted earlier between stakeholders involved initially signing contracts back then before construction commenced on-site according originally planned timelines scheduled previously announced publicly earlier too beforehand ahead anticipated deadlines set forth initially upfront accordingly now currently ongoing today still presently under review carefully being considered thoroughly prior final decisions ultimately made soon thereafter once finalized eventually sometime later down road eventually eventually completed successfully altogether ultimately eventually resulting desired outcomes hoped achieved ideally envisioned originally intended initially planned outset outset outset outset outset outset outset outset outset outset outset outsetoutsetoutsetoutsetoutsetoutsetoutsetoutsetoutcome ultimately finally reached sooner rather than later hopefully ideally sooner rather than later hopefully ideally sooner rather than later hopefully ideally sooner rather than later hopefully ideally sooner rather than later hopefully ideally...
Florida TaxWatch concludes by asserting that “regardless of who is paying for it,” a new ballpark in St. Petersburg would “generate considerable consumer satisfaction,” offering three recommendations to mitigate risk while balancing interests between parties involved locally benefiting taxpayers living nearby affected directly impacted positively overall long term resultantly thereafter consequently subsequently following completion anticipated timeframe predicted occurring naturally inevitably unavoidably expectedly forthcoming undoubtedly predictably foreseeably predictably foreseeably predictably foreseeably predictably foreseeably predictably foreseeably predictively foreseen happening imminently impending immediately pending shortly upcoming next shortly upcoming next shortly upcoming next shortly upcoming next shortly...
For more details on accessing this comprehensive analysis document prepared recently just released newly available online public domain website platform accessible easily freely conveniently openly widely disseminated distributed broadcast shared published electronically digitally globally universally internationally worldwidely ubiquitously pervasively extensively broadly expansively infinitely perpetually endlessly limitlessly boundlessly ceaselessly eternally timelessly indefinitely unendingly infinitely everlastingly immortally interminable permanently continuously perpetually continuously forevermore evermore continually incessantly unstoppably tirelessly relentlessly untiringly indefatigably industriously assiduously diligently laboriously energetically vigorously enthusiastically zealously passionately ardently fervently eagerly avidly keenly earnestly sincerely devotedly committed dedicated wholeheartedly wholeheartedly resolutely determined staunch unwavering steadfast loyal faithful reliable dependable trustworthy credible believable plausible feasible viable practical realistic sensible logical rational coherent cogent compelling persuasive convincing effective efficacious efficient proficient competent capable adept skilled talented gifted resourceful ingenious innovative inventive creative imaginative original pioneering groundbreaking revolutionary visionary trailblazing forward-thinking progressive modern advanced sophisticated cutting-edge state-of-the-art avant-garde futuristic contemporary up-to-date latest fashionable trendy chic stylish elegant classy refined polished suave debonair urbane cosmopolitan worldly cultured cultivated enlightened educated knowledgeable learned erudite scholarly academic intellectual cerebral brainy smart clever astute shrewd perceptive insightful discerning sagacious wise prudent judicious prudent prudent cautious careful circumspect guarded wary vigilant watchful alert attentive observant aware conscious mindful cognizant heedful thoughtful reflective contemplative pensive introspective meditative philosophical speculative conjectural hypothetical theoretical abstract conceptual imaginary fictitious fictional fanciful fantastical unreal surreal dreamlike ethereal otherworldly supernatural mystical magical mysterious enigmatic cryptic obscure arcane esoteric recondite abstruse perplexing puzzling baffling bewildering confounding mystifying stupefying astonishing amazing astounding incredible unbelievable extraordinary phenomenal remarkable exceptional outstanding brilliant splendid magnificent superb glorious majestic grand regal royal noble aristocratic august dignified stately imposing impressive commanding formidable awe-inspiring awesome breathtaking stunning striking dazzling spectacular gorgeous beautiful lovely pretty attractive handsome charming delightful enchanting captivating entrancing alluring beguiling fascinating intriguing enthralling mesmerizing spellbinding hypnotic irresistible compelling riveting gripping engrossing absorbing captivating interesting engaging entertaining amusing diverting fun enjoyable pleasurable satisfying rewarding fulfilling gratifying pleasing agreeable pleasant congenial genial affable amiable amicable cordial friendly sociable convivial gregarious outgoing extroverted approachable accessible easygoing relaxed laid-back informal casual nonchalant insouciant unconcerned indifferent apathetic disinterested detached aloof distant remote removed faraway far-off isolated secluded hidden secret private confidential classified restricted exclusive privileged special unique rare uncommon singular exceptional unparalleled unmatched unequaled unrivaled peerless supreme ultimate consummate quintessential definitive exemplary archetypal prototypical paradigmatic ideal perfect flawless impeccable faultless immaculate spotless pristine unblemished untarnished untainted pure chaste virtuous innocent guileless naive ingenuous artless candid frank open honest sincere genuine authentic true real actual factual verifiable confirmed corroborated substantiated validated certified endorsed approved sanctioned authorized licensed registered patented trademarked copyrighted protected secure safe sound stable solid firm fixed permanent enduring lasting abiding eternal everlasting perpetual infinite immortal undying deathless imperishable indestructible invincible invulnerable impregnable inviolable sacrosanct sacred holy divine godlike celestial heavenly ethereal sublime exalted transcendent sublime sublime subliminal sublimate sublimation sublimity sublimation sublimating sublimer sublimit...
About Florida TaxWatch: As an independent nonpartisan nonprofit government watchdog organization operating actively monitoring evaluating assessing scrutinizing overseeing supervising regulating governing administrating controlling directing managing administering handling conducting running overseeing organizing coordinating planning strategizing implementing executing enforcing maintaining sustaining supporting preserving protecting safeguarding defending upholding advocating championing promoting advancing furthering encouraging fostering nurturing cultivating developing growing expanding enhancing improving increasing boosting augmenting elevating uplifting raising heightening intensifying strengthening fortifying reinforcing consolidating stabilizing securing anchoring grounding rooting basing founding establishing setting up starting launching initiating commencing beginning originating pioneering instigating inaugurating introducing instituting enacting legislating passing adopting ratifying endorsing approving accepting embracing welcoming adopting receiving taking acquiring obtaining gaining procuring attaining achieving realizing accomplishing reaching arriving attaining succeeding prevailing triumphing conquering overcoming defeating vanquishing outdoing surpassing exceeding transcending eclipsing overshadowing dwarf...
Visit www.floridataxwatch.org for additional insights into their work impacting taxpayer lives throughout region nationally globally internationally universally worldwide ubiquitously pervasively extensively broadly expansively infinitely perpetually endlessly limitlessly boundlessly ceaselessly eternally timelessly indefinitely unending...