Subject:
Title
Interlocal Agreement with the City of St. Petersburg for participation in the negotiation process to retain the Tampa Bay Rays Major League Baseball Team.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Interlocal Agreement with the City of St. Petersburg (City) for participation in the negotiation process with Inner Circle Sports LLC (Inner Circle) for the retention of the Tampa Bay Rays Major League Baseball Team (Rays).
• Interlocal Agreement for $42,250.00 will provide the County an opportunity to participate in the negotiation process with the goal of coming to an agreement with the Rays and retaining the team in the City of St. Petersburg.
• The professional services fee for Inner Circle, the consultant assisting with negotiations, will be equally shared between the City and County.
• Payment to the City will be on a reimbursement basis.
• The Interlocal Agreement expires December 31, 2021.
Body
Strategic Plan:
Foster Continual Economic Growth and Vitality
4.6 Support a vibrant community with recreation, arts, and culture to attract residents and visitors
Deliver First-Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
Summary:
The Interlocal Agreement with the City will allow the County an opportunity to participate in discussions between the City and Inner Circle, the consulting firm hired to assist with negotiations between the City and the Rays. Inner Circle will provide expertise regarding negotiation strategies, multi-use stadium finance structures, and MLB finance structures. Inner Circle’s responsibilities as part of the Professional Services Agreement with the City include presentation of the business case, assisting with the draft term sheet, presentations to City/County officials, and more as detailed in the Agreement.
Background/Explanation:
The City has retained the services of Inner Circle to assist in negotiations with the Rays with the goal of coming to an agreement and retaining the team in the City of St. Petersburg. The Professional Services Agreement between the City and Inner Circle involves the use of a three (3) phase approach that includes preparing officials for negotiations, assisting in the negotiations, and assisting in drafting a preliminary agreement with the Rays.
The County would like to participate in the negotiation discussions with Inner Circle and will reimburse the City for 50 percent of Inner Circle’s costs through the Interlocal Agreement. The term of the Interlocal Agreement is effective as of the filing date with the Clerk of the Circuit Court and expires December 31, 2021. The City will coordinate opportunities for the County’s participation.
Fiscal Impact:
Interlocal Agreement: $42,250.00
Funding to support this Interlocal Agreement is included in the FY22 Adopted Budget, within the CVB’s Annual Operating Budget. The source of funding is the Tourist Development Tax Fund.
Delegated Authority:
Authority for the County Administrator to sign this Interlocal Agreement is granted under (Code Section 2-62 (a)(1).
Staff Member Responsible:
Steve Hayes, Director, Convention and Visitors Bureau
Partners:
City of St. Petersburg
Tourist Development Council
Attachments:
Interlocal Agreement