St. Petersburg Times: Rays release financing details for new stadium

The Tampa Bay Rays released new details of their plan to finance a proposed $450-million downtown waterfront ballpark, including millions of dollars from the team in guaranteed parking revenue.
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The financing package includes:
• $150-million from the team.
• $100-million from extending a 1 percent tax on Pinellas County hotel stays for 25 to 30 years.
• $75-million from extending the city’s contribution to Tropicana Field for another 25 to 30 years.
• $70-million from the developer purchasing Tropicana Field.
• And $55-million in guaranteed parking revenue associated with the 34,000-seat ballpark.

As part of the agreement, the Rays said they would pay any cost overruns if they oversee construction of the stadium. The Rays also said the public’s contribution — $175-million — would be dwarfed by the taxes generated by redeveloping Tropicana Field.

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