January 08, 2008
Rays say they won't ask for state tax rebate
Tampa Rays execs, noting that Florida is facing a $2 billion budget deficit and being able to read the handwriting on the wall better than certain other Florida sports franchises, have said they won't be looking for $30 million in state sales-tax rebates to help fund their proposed $450 million stadium. That leaves the team with a likely $100 million funding gap, though that figure could go down (or up) depending on what private developers are willing to pay for the team's current stadium site, and whether the city needs any of it to pay off its existing stadium debt.
Rays VP Michael Kalt told the Tampa Trib: "Obviously it's another $30 million we'll have to find somewhere or reduce in the program, but we're not going to change what we're looking at. We're not going to start making radical changes in our program based on a funding source that was never projected to be more than 5-7 percent of the funding." Or to put it another way: If they don't come up with another big pot of money they're hosed anyway, so it's easy to wave off a mere $30 million as a drop in the bucket.
michael kalt? didn't he used to work for dan doctoroff?
Posted by guest on January 8, 2008 03:29 PM
The Rays are essentially calling the shots for the City of St. Petersburg so city taxpayers will simply have to ante up a bit more if the Rays can't get the state (or county for that matter) to pay up the share the Rays feel is appropriate.
The big question in the deal will be getting voter approval not where the money will ultimately come from (for example, St. Petersburg's city hall could be sold and leased back to get more money for the Rays). But if city voters don't want to pay for another stadium for the Rays, city leaders will have to figure out a way to do it without voter approval.
Posted by Ed on January 8, 2008 09:23 PM