Subject:
Title
Term Sheet for the redevelopment and improvements to the BayCare Ballpark Stadium Facility inclusive of BayCare Ballpark, Phillies Complex, and Carpenter Complex.
label
Recommended Action:
Recommended Action
Approval of the Term Sheet for the redevelopment and improvements to the BayCare Ballpark Stadium Facility inclusive of BayCare Ballpark, Phillies Complex, and Carpenter Complex.
• The purpose of the Term Sheet is to assist the parties in negotiating and drafting certain future definitive project agreements, which may include a Capital Funding Agreement, Lease/Use Agreement, Non-Relocation Agreement, and Construction Funds Trust Agreement in relation to the Project.
• This Term Sheet sets forth certain terms, conditions and provisions contemplated by the parties to be necessary for (i) the financing, development, design, construction and furnishing of the Project and (ii) the use, management, maintenance and operation of the Stadium Facility.
• The multiple agreement documents will be negotiated and finalized and brought back to the Board of County Commissioners for approval.
• This Term Sheet, by itself, has no fiscal impact. Funding for the agreement, if approved in its current form, is not yet budgeted. The County’s capital contribution would be $85,000,000 and is anticipated to come from the Tourist Development Tax Fund and not Ad Valorem Property Taxes. The marketing commitment by the Phillies to the County Tourism Agency would be $850,000 annually beginning in 2026, with a 3% annual escalator beginning in 2032.
Body
Strategic Priorities:
Prosperity and Opportunity
3.2 Provide and promote tourism opportunities.
3.5 Foster business growth.
Summary:
Summary
The purpose of the Term Sheet is to assist the parties in negotiating and drafting certain future definitive project agreements, which may include a Capital Funding Agreement, Lease/Use Agreement, Non-Relocation Agreement, and Construction Funds Trust Agreement in relation to the Project.
This Term Sheet sets forth certain terms, conditions and provisions contemplated by the parties to be necessary for (i) the financing, development, design, construction and furnishing of the Project and (ii) the use, management, maintenance and operation of the Stadium Facility.
Body
Background Information:
The Phillies owns and operates a professional baseball club, which is a member of Major League Baseball, currently known as the “Philadelphia Phillies” and Phillies Florida operates a Minor League Baseball team operated under the auspices of, and licensed by, MLB Professional Development Leagues, LLC currently known as the “Clearwater Threshers”.
Phillies Florida currently operates facilities located within, and on land owned by, the City of Clearwater consisting of the BayCare Ballpark, and the Carpenter Complex, and the Phillies Complex (collectively, the “Stadium Facility”) pursuant to certain separate use agreements between the City and Phillies Florida (the “Existing Use Agreements”). The Philadelphia Phillies operate player development and spring training operations at the Stadium Facility. Additionally, the Clearwater Threshers utilize the facility for their participation in the Minor League Baseball League.
The City and Phillies organizations have asked that the County participate in the redevelopment and improvement of the City’s Stadium Facility to support the Phillies organizations continuing to utilize the City Stadium Facility through 2047. Funding for the project will come from the State of Florida, the City of Clearwater, the County Tourist Development Tax, and the Phillies organizations.
Fiscal Impact:
This Term Sheet, by itself, has no fiscal impact. Funding for the agreement, if approved in its current form, is not yet budgeted. The County’s capital contribution would be $85,000,000 and is anticipated to come from the Tourist Development Tax Fund and not Ad Valorem Property Taxes. The marketing commitment by the Phillies to the County Tourism Agency would be $850,000 annually beginning in 2026, with a 3% annual escalator beginning in 2032.
Staff Member Responsible:
Barry Burton, County Administrator
Partners:
Phillies
City of Clearwater
Attachments:
Term Sheet