I’m busy with a ton of stuff at the moment, so it is easier to re-post Fallon Silcox’s article on the failed stadium deal between the City of St. Pete and the Tampa Bay Rays. I’ll put something together shortly. In short, Noah Pransky (Shadow of the Stadium blog) put it best, the teams indication that they wouldn’t tweak the memorandum of understanding cost them yes votes. That is, the turning point in the meeting came when Rays President Brian Auld told the city council that St. Petersburg had to live up to terms of the use agreement regarding Tropicana Field redevelopment. What follows is the article in its entirety, followed by a smattering of notes.
Per Fallon Silcox of Bay News 9,
St. Petersburg City Council members voted against a stadium deal on Thursday night that would allow the Tampa Bay Rays to look for new stadium sites.
The vote was 5-3.
Council members were supposed to vote last week, but asked for more time to review the complex deal. In the eight-page memorandum, it states that the Rays would be required to compensate the city of St. Petersburg should they decide to move.
According to the agreement, the Rays would have to pay the city between $2 million to $4 million for each season that’s not played at Tropicana Field up until the original contact ends in 2027. The Rays would also have to give $1 million in compensation for things like signs and season tickets.
Tampa Mayor Bob Buckhorn told Bay News 9 last week he would welcome the Rays in Tampa, but he also said taxpayer dollars won’t fund the entire stadium, and the Rays would have to come up with a lot of money if they want a stadium in Tampa.
Another consideration for St. Pete City Council members is the impact on local businesses if the Rays move. Business owners near Tropicana Field say they worry they would be forced to close, hurting the economy.
The basics of the agreement Mayor Rick Kriseman reached with the team last week breaks down like this:
The cost to leave is a $24 million buyout that will decrease for each year the team remains in St. Petersburg.
A new agreement also lays out just how much the Rays will have to pay if they want to break their contract early.
If they leave between now and 2018, for instance, they’ll owe $4 million a year for every year until 2027. That annual installment reduces to $3 million a year if they leave between 2019 and 2022 and finally to $2 million every year if the team moves between 2023 and 2026. The Rays have until Dec. 31, 2017, to settle on a new site.Rays principal owner Stuart Sternberg has long said the team could not be financially viable in Tropicana Field but the contract with the city prevented any stadium search from happening legally.
Noteworthiness
- Jonah Keri, on the failed yes vote:
@RMooneyTBO Can’t blame council for refusing to bend over backwards for Rays. There’s a signed deal in place, up to Rays to entice the city.
— Jonah Keri (@jonahkeri) December 18, 2014
Up to Rays to incentivize St. Pete to cut ’em loose. City has a lease in place, and leverage, and is wisely using both.
— Jonah Keri (@jonahkeri) December 18, 2014