ST. PETERSBURG, Fla. — Pinellas County commissioners approved bonds to finance a new stadium for the Tampa Bay Rays on Tuesday.

What You Need To Know

The 5-2 vote unlocks $312 million in funding the county has pledged for the new ballpark.

This was the third time the Rays bond vote has gone before the commission since October.

Reacting to the vote, Rays co-president Matt Silverman said the issue of increased costs due to delays still needs to be settled.

“It was unsurprising to see the Commissioners acknowledge how important the Tampa Bay Rays and our stadium development agreement are to this community and its citizen," said Silverman. "As we have made clear, the County's delay has caused the ballpark's completion to slide into 2029. As a result, the cost of the project has increased significantly, and we cannot absorb this increase alone. When the County and City wish to engage, we remain ready to solve this funding gap together.” 

Ahead of Tuesday’s bond vote, the Rays responded to Pinellas County’s request for information to show they’ve been fulfilling their stadium obligations. The Rays sent a letter stating they have done 50% of the design and spent $11.6 million.

The letter, sent on Tuesday afternoon, reads:

"County Administrator Burton,

We are in receipt of your letter from this past Thursday. 

The draft Construction Funds Trust Agreement you sent is in final form and is acceptable to StadCo.

As you are aware, the information you requested is not required until the County is ready to commence the bond issuance; however, in an effort to be responsive to your request, we have created the attached checklist that details the status of the requested information. We have also provided an accounting of stadium expenditures as of 7/31/24.

We are happy to provide the County Commission a comprehensive project update prior to bond issuance. We will also provide a hard copy of the 50% design document presentation to you this week.

Sincerely,

Matt Silverman

President

Tampa Bay Rays"

Also ahead of the vote, Pinellas County Commissioner Chris Latvala said he flipped in favor of the $312 million in bonds for the Rays' new stadium based on his conversation with MLB Commissioner Rob Manfred, but also states that he doesn't trust the team.

Dave Eggers, another previous opponent of the stadium deal, also voted to approve the bonds.

The Rays have to meet several conditions on funding and designs by March 31, or else they won’t be able to access the bonds.