Subject:
Title
Pinellas County adoption of a Tourist Development Tax Revenue Supplemental Bond Resolution Supplementing Resolution No. 24-42 adopted on July 30, 2024, and approval of the documents to support funding for the design and construction of a new stadium in St. Petersburg to be the new home of the Tampa Bay Rays Major League Baseball franchise.
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Recommended Action:
Recommended Action
Adopt the Tourist Development Tax Revenue Supplemental Bond Resolution (Supplemental Bond Resolution) and approve the forms of the following documents, and, with guidance of legal counsel or the financial advisor, delegate to the County Administrator or Chair to make minor changes in these agreement documents to effectuate the expressed purposes, all in furtherance of the financing, construction and management of a new stadium in St. Petersburg to be the new home of the Tampa Bay Rays Major League Baseball franchise:
1) Form of Purchase Contract
2) Form of Preliminary Official Statement
3) Form of Disclosure Dissemination Agent Agreement
4) Form of Paying Agent and Registrar Agreement
5) Form of Escrow Agreement
6) Form of Construction Funds Trust Agreement
7) Form of Sec Post-Issuance Compliance and Repository Services Pricing Agreement
This item was deferred during the October 29, 2024, Meeting of the Board of County Commissioners to the date certain of November 19, 2024.
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Strategic Plan:
Foster Continual Economic Growth and Vitality
4.4 Invest in infrastructure to meet current and future needs
4.6 Support a vibrant community with recreation, arts, and culture to attract residents and visitors
Summary:
Summary
Pinellas County, the City of St. Petersburg and the Tampa Bay Rays have negotiated several agreements necessary to oversee the funding, construction and ongoing operations of a new stadium for the Tampa Bay Rays that would be located within the Historic Gas Plant District. Throughout these negotiations, the County has focused on limiting the County’s ongoing financial, construction, operations and maintenance risks while ensuring the Tampa Bay Rays remain in Pinellas County for the long term. These proposed agreements are presented to the Board of County Commissioners for their approval. In addition, presented for approval by the Board of County Commissioners is a Supplemental Bond Resolution drafted by the County's Bond Counsel, Bryant Miller Olive P.A., and reviewed by the County's finance team, the office of the County Attorney and the County's disclosure counsel.
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Background Information:
On July 30, 2024, the Board of County Commissioners adopted Resolution No. 24-42 (Tourist Development Tax Revenue Bond Resolution) in furtherance of the financing, construction, and management of a new stadium in St. Petersburg to be the new home of the Tampa Bay Rays Major League Baseball franchise.
The Tampa Bay Rays Major League Baseball Stadium Project will replace Tropicana Field, first opened to the public on March 3, 1990, with a modern, state of the art, Major League Baseball (MLB) stadium in which the Rays will play for the next thirty years. The Rays current commitment to play at Tropicana Field runs through the 2027 MLB season.
The Tourist Development Tax Revenue Supplemental Bond Resolution (Supplemental Bond Resolution) authorizes the steps of proceeding with a bond offering with the County Tourist Development Tax funds as the funding source to support repayment of the bonds. The Supplemental Bond Resolution also authorizes the form of, execution, and delivery of documents necessary for the issuance of the bonds, including a Construction Fund Trust Agreement (CFTA). The CFTA has been negotiated by the County, the City, the Rays, and the trustee (U.S. Bank Trust Company, N.A.) and each of their representatives and describes in detail how the project funds are to be received and applied to the construction of the new stadium and related improvements.
Fiscal Impact:
The issuance of the Tourist Development Tax Revenue Bonds, Series 2024, will commit the County to pay annual debt service on up to $335,000,000.00 of non-ad valorem debt, funded by the Tourist Development Tax Revenue, not to exceed a 31-year period. The coupon rate on each bond will be determined at time of issuance.
Staff Member Responsible:
Barry Burton, County Administrator
Don Crowell, Chief Assistant County Attorney
Partners:
City of St. Petersburg
Tampa Bay Rays (HoldCo, StadCo, TeamCo)
U.S. Bank Trust Company, National Association
BofA Securities, Inc.
Raymond James & Associates, Inc.
Ramirez & Co.
Rice Financial Products Company
Siebert Williams Shank & Co.
Truist Securities
Attachments:
Tourist Development Tax Revenue Supplemental Resolution No. 24-XX
Exhibit A - Form of Purchase Contract
Exhibit B - Preliminary Official Statement
Exhibit C - Form of Disclosure Dissemination Agent Agreement
Exhibit D - Form of Paying Agent and Registrar Agreement
Exhibit E - Form of Escrow Agreement
Exhibit F - Form of Construction Funds Trust Agreement
Exhibit G - Form of Sec Post-Issuance Compliance and Repository Services Pricing Agreement