Rays CEO: The NEW Tampa Stadium Deal Explained

Tampa Bay Rays CEO Ken Babby and Tampa City Councilman Bill Carlson break down the NEW Tampa stadium proposal, how the financing has changed, where the tax revenue could go, and why the project could reshape Tampa far beyond baseball.Under Carlson’s new proposal, Tampa would eliminate the previously contemplated $80 million Community Investment Tax contribution and $100 million backed by future Drew Park CRA tax growth. Instead, a new 35-year tax-increment financing district would use property taxes generated by the private development surrounding the stadium, with revenue going to Tampa, Hillsborough County, and a new public Community Development District. The Rays have also asked Tampa to advance the CDD $80 million through four annual payments of $20 million, which the CDD would repay to the city from its share of future tax revenue generated by the district. Tampa’s share of the new revenue, combined with a proposed redirection of roughly half of future Downtown Tampa CRA revenue, would help create a citywide infrastructure trust fund that Carlson estimates could generate $1.5 billion to $2 billion over 30 to 35 years without raising taxes.00:00 - Emergency episode, Rays deal00:53 - Taxpayer concerns about ballpark07:26 - Who's been negotiating this12:35 - The infrastructure trust fund14:17 - How the TIF works16:43 - Parking lots generating zero taxes20:18 - Development milestones and incentives24:24 - Hillsborough College and tech jobs26:37 - Not another Raymond James32:59 - August vote, September shovels