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Council meets Thursday, on its week off, to approve a Rays Community Benefits Agreement whose project list is an empty page. Two members spent months saying what had to be in it. The $4.2 million it promises the city over the first five years is less than one year’s debt service on the $80 million the city is putting into the deal.
Council didn’t amend the FY27 budget. It made a wish list and shook on it. Here’s a process that would put amendments in writing, with a funding source, before the final vote.
Council was told the extra reserve held for Amendment 3 is 2%, or $13.5 million. The city’s own numbers put it at 1.8 points. Two points would be $15.4 million.
Council asked twice why $22 million in Community Investment Tax projects were on hold. The CFO gave one reason. His deputy and his own memo gave another.
Despite earlier setbacks, the Tampa Bay Rays got their deal.
Two revenue scenarios from the Rays, one the county would stand behind. Neither is the one I’d bet on.
A substitute Development and Funding Agreement landed on the agenda late Wednesday afternoon including the tax-sharing formula. My numbers from Sunday are out of date, so here are new ones.
In their morning meeting as the CRA Board, council members voted 5-2 to remove the Rays MOU vote from the August 20 CRA agenda. During Thursday’s evening meeting, the request to transmit the proposed change to the future land use designation for the stadium development was denied by a 4-3 vote.
A consolidated recap of items of note from the editor.
The non-binding agreement with the MLB team has the City of Tampa committing $80 million in Community Investment Tax (CIT) funds and $100 million from the Community Redevelopment Agency (CRA).
Tampa is debating how to best utilize its tree trust fund, which currently holds $6 million. A debate over Type 3 trees and funding is holding up thoughtful plans ready to plant.
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