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Officials await Rays’ stadium financing plan
By BOB McCLURE
| Article published on Tuesday, May 6, 2008 |
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![[Image]](/content_images/050608_pco-04.jpg) |
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| Image courtesy of the Tampa Bay Rays |
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| The Tampa Bay Rays hope to move into a 34,000-seat waterfront stadium. |
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ST. PETERSBURG – A financial proposal by the Tampa Bay Rays that could determine the future of a proposed downtown waterfront stadium is expected to be submitted to the St. Petersburg City Council by mid-May.
Michael Kalt, senior vice president of the Rays, said that’s the target date to give city officials an idea how the Rays plan to finance the $450 million, retractable-roof, open-air stadium, which is proposed for the site of Al Lang Stadium.
“I’m on pins and needles to see what they propose because we don’t have any money,” said City Council Chairman Jamie Bennett. “There are a lot of ifs and questions.”
Kalt did not release details of what the Rays’ financial package will encompass but it’s expected the sale and redevelopment of the Tropicana Field site will play an instrumental role in the plans.
The plans of two developers – Archstone-Madison and Hines – are currently under consideration by city leaders and will play a key role in the Rays’ financial package. Both are pitching concepts for a mixed-use residential and business development.
Kalt said the ball club doesn’t favor one proposal over the other.
“It’s a question for the city to decide,” Kalt said. “Whichever proposal the city decides on we’ll work with.”
The Rays are hoping the sale of the Trop will retire the stadium’s estimated $123 million debt, allowing for the redevelopment of the 86-acre site, which would add to the city’s tax roll.
Team officials have said the new stadium would not be dependent on new or additional taxes and would rely on tax revenue from the redevelopment of the Tropicana Field site.
The Rays have proposed contributing $150 million of the stadium cost but questions remain as to where the other $300 million would come from.
“We’ll have details in our financial proposal when we submit it,” Kalt said.
Once a decision is made on a developer and the Rays submit their financial proposal, City Council must decide by June 5 whether or not to schedule a November referendum on the proposed stadium.
“This is when the deal-making process starts,” said Bennett. “The numbers will shift and they will need to shift if this is going to happen.”
“It’s a big, uphill issue,” he added. “There are a lot of things that have to fall into place. I’m not going to be a naysayer. We want the best for the city and for the Rays.”
Another related issue to the stadium proposal revolves around parking. A study by Baltimore-based Rummel, Klepper and Kahl LLP found that 9,961 spaces would be available for weekday night games within a 3/4-mile radius of the stadium site and 6,826 spaces within a 1/2 mile of the stadium.
The city contends a minimum 7,000 spaces are necessary within a 1/2-mile radius and Mayor Rick Baker believes an additional 3,500 spaces might be needed.
“We did a thorough study on parking by a consultant with a history of such projects, including Camden Yards in Baltimore,” said Kalt. “The city also conducted its study. Nobody is disputing the parking is there. The question is how far will people be willing to walk. We contend 3/4 mile is the distance people would be willing to walk based on other major league ballparks (Arizona and Houston). The city says a 1/2 mile.”
Bennett said a lack of available parking spaces could cause a crunch prior to games Monday through Friday.
“Parking is a concern,” Bennett said, “but it’s not something that can’t be overcome.”
He suggested satellite parking lots tied into a trolley system.
Kalt said the recent Grand Prix of St. Petersburg drew “three times the number of the ball park on an average day and those people were able to find parking.”
“We continue to believe the validity of our study,” Kalt said. “That said, we’ll continue to work with the city.”
Kalt said a rapid-transit bus service or ferry service across Tampa Bay linking Hillsborough County fans with the stadium could be possible solutions.
Environmentalists are also fighting an extension of Bayshore Drive on the right field side of the proposed stadium that would require a half-acre of fill dirt in the bay.
Kalt said the argument is without merit.
“That’s shallow, murky water, not conducive to sea life,” said Kalt. “There’s no manatee activity in the area. It’s not a great habitat area.”
Overall the stadium has a number of proposals to overcome but Bennett believes it’s something that can be accomplished with flexibility on both sides.
“If this doesn’t work out I would like to think we can work out something else that works for both parties,” Bennett said. “We’re here to talk to them and work something out. Given the proper opportunity we can make this thing work.”
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Article published on Tuesday, May 6, 2008
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