Subject:
Title
Resolution supplementing the Fiscal Year 2025 Budget for unanticipated revenue related to the issuance of debt for the Tampa Bay Rays Major League Baseball Stadium Project in St. Petersburg and realign appropriation from reserves in the Tourist Development Tax Fund for expenditures related to cost of issuance and debt service for the Tourist Development Tax Revenue Bonds.
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Recommended Action:
Recommended Action
Conduct a public hearing and adopt the attached resolution recognizing and appropriating unanticipated revenue and realigning funds in the Fiscal Year 2025 budget as follows:
• Recognize $335,000,000.00 in unanticipated revenue in the Tourist Development Tax (TDT) Fund from the issuance of Tourist Development Tax Revenue Bonds, Series 2024, and appropriate for payment of the County’s commitment to the project. This, and all budgeted amounts in the amendment, are not to exceed amounts. The County may ultimately spend less in each case.
• Recognize $35,000,000.00 in unanticipated revenue in the TDT Debt Service Fund from a transfer from the Tourist Development Tax Fund for debt service expenditures and Debt Service Reserves.
• Realign $35,000,000.00 from the Tourist Development Tax Fund Reserves to Transfer to the TDT Debt Service Fund.
• Realign $4,700,000.00 from the Tourist Development Tax Fund Reserves to Debt Service Costs.
This item was deferred from the October 29, 2024, Meeting of the Board of County Commissioners. As such, it does not require re-advertisement.
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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
This resolution recognizes $335,000,000.00 in unanticipated revenue in the Tourist Development Tax Fund from the issuance of Tourist Development Tax Revenue Bonds, Series 2024 and appropriates those revenues for payment of the County’s commitment to The Tampa Bay Rays Stadium project in St. Petersburg.
This resolution also appropriates $39,700,000.00 from Reserves for Future Years - Tourist Development Capital for use on the Stadium project to pay the cost issuance of the bonds, fund the debt service reserves, and service the first year of debt obligation.
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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.
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.
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 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:
Chris Rose, Director, Office of Management & Budget
Jim Abernathy, Operating Budget Manager, Office of Management & Budget
Partners:
City of St. Petersburg
Tampa Nay Rays (HoldCo, StadCo, TeamCo)
Attachments:
Resolution 24-XX