Rays’ stadium, development district to exceed initial cost estimates: Report

(The Center Square) — A new report shows that a new Tampa Rays stadium could cost taxpayers far more than initially thought.

The new stadium for the Tampa Bay Rays would include the development of 65 acres in the historic Gas Plant District that surrounds the field, which would offer affordable housing, shopping and entertainment venues at an initial cost estimate of $1.3 billion.

The cost of the project would be shared between the City of St. Petersburg, Pinellas County and the Tampa Bay Rays’ ownership group Rays-Hines.

The city would pay an estimated $287.5 million, which would include $130 million towards infrastructure, while the county would pay $312.5 million and Ray-Hines would pay the remainder and any overruns.

However, a report from Florida TaxWatch raised concerns about the real cost of the project to the city and the county, which is estimated to be a total of
Read more…

Please follow and like us: