PROPOSED WATERFRONT BALLPARK

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PROPOSED WATERFRONT BALLPARK
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PROGRESS TO DATE

• Since we announced in November, much has been
  accomplished
• Extensive public outreach and solicitation of
  opinions
• Comprehensive parking and traffic management
  study
• Continued progress on environmental issues
• City-issued RFP on the Tropicana Field site
  yielded 3 high-quality proposals. City has
  narrowed field to two developers, one of which
  will be selected next week.
•  
• We remain committed to working with the public to
  improve the plan and ensure its positive impact
  on Pinellas County and the City of St Petersburg
  including businesses, residents, cultural
  institutions, and visitors for decades to come.

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CURRENT LANDSCAPE
Budget cuts are threatening public services and
forcing difficult decisions. Investment and
economic growth is stagnating. These projects
will provide

• New revenue to the local tax base on Day 1
• 1.2 billion economic stimulus engine, one of the
  largest projects in the history of Pinellas
  County, at a time when it is desperately needed.
• The projects will not require an additional
  dollar from the City or County until 2017
• Any new funding needed from the City or County
  starting in 2017 should be exceeded by taxes
  generated from the redevelopment of the Tropicana
  Field site
• The project will be a visible landmark that will
  highlight Pinellas County and draw new visitors
  from throughout the nation

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WHY THIS PLAN
An opportunity to generate hundreds of millions
of dollars in new tax revenue
Today
11 Million Annually
(half City / half County tourist tax)
Tropicana Field Site 85 acres generating
virtually no tax revenue
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WHY THIS PLAN
An opportunity to generate hundreds of millions
of dollars in new tax revenue
The Future
The Same Local Commitment
New Mixed Use Community
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WHY THIS PLAN
An opportunity to generate hundreds of millions
of dollars in new tax revenue
The Future
The Same Local Commitment
New Retail Amenities
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WHY THIS PLAN
An opportunity to generate hundreds of millions
of dollars in new tax revenue
The Future
The Same Local Commitment
for Schools
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WHY THIS PLAN
An opportunity to generate hundreds of millions
of dollars in new tax revenue
The Future
The Same Local Commitment
Many Thousands of New Jobs
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WHY THIS PLAN
An opportunity to significantly increase MLBs
impact on tourism in Pinellas County
The Future
The Same Local Commitment
Increased visibility for our area and its natural
resources
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WHY THIS PLAN
An opportunity to significantly increase MLBs
impact on tourism in Pinellas County
The Future
The Same Local Commitment
Tens of thousands of new out-of-town visitors
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WHY THIS PLAN
An opportunity to significantly increase MLBs
impact on tourism in Pinellas County
The Future
The Same Local Commitment
All-Star Game Over 60 million in economic impact
30 million TV viewers
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PUTTING THE TROP TO WORK FOR ALL OF US

• 100 acres (20) of SPs downtown not on City or
  County tax rolls
• Consolidate baseball from 100 acres to less than
  15 acres,
• Putting 85 acres back on the tax rolls
• Make Tropicana Field work for City, County, and
  its businesses and residents

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FINANCING PLAN AN OVERVIEW

• Step 1 Use the money from the sale of the
  Tropicana Field site to pay off all of the
  remaining City and County debt on the stadium
  more than seven years early
• Step 2 Put the entire Tropicana Field site back
  on the tax rolls, working immediately for
  taxpayers, and generating more money than is
  required to finance the ballpark
• Step 3 Finance the ballpark through
• A private contribution by the Rays
• Ballpark-generated revenues from parking
• Extension of City and County funds currently
  pledged to Tropicana Field

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FINANCING PLAN HOW IT WORKS
Non-public sources account for over 60 of
project costs
Contribution
total
Source
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NON-PUBLIC CONTRIBUTION AMONG THE LARGEST OF ALL
MLB BALLPARK DEALS
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FINANCING PLAN HOW IT WORKS
Contribution from bed tax limited to 100 million
Contribution
total
Source
150 million
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• Private contribution by team

Rays
70 million
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• Land purchase price retires local Tropicana Field
  debt

Developer
55million
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• Project-generated parking revenues

Parking revenue
100 million
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• Continuation of 4th cent of tourist tax already
  pledged to retiring Tropicana Field debt

Bed tax

• Continuation of funding currently dedicated to
  baseball

75 million
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City
450 million
100
TOTAL
Additionally, cost overruns (in excess of 450
million) will be covered by the Rays
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FINANCING PLAN HOW IT WORKS
Contribution from bed tax limited to 100 million

• Financing plan relies on only 3 annual growth in
  bed tax, even though historical average annual
  growth rate is over 4.5
• This should create a significant surplus over
  time, 140 million over 30 years, that could be
  directed towards other priorities

Estimated annual value of 4th cent millions
4.5 growth (historical)
Annual surplus
Cumulative surplus
Year
3 growth
2016
6.5
7.2
0.7
0.7
2020
7.3
8.6
1.3
4.8
2025
8.5
10.7
2.2
13.8
2030
9.8
13.3
3.5
28.5
2035
11.4
16.6
5.2
50.8
2040
13.2
20.6
7.4
83.3
2046
15.7
26.9
11.2
140.3
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PUBLIC BENEFITS FAR OUTWEIGH COSTS
Estimates in todays dollars
175 million
Public costs
Public benefits

• Putting Tropicana Field back on the tax rolls
  will increase tax revenue for City, County,
  schools, and other taxing authorities to support
  public services
• Above numbers do not include estimates from taxes
  generated by the new ballpark or from collateral
  development around both projects (potentially
  hundreds of millions of dollars in additional new
  tax revenue) or from impact on tourism

PSTA, JWB, PCPB, SWFWMD, EMS, and Pinellas
Anclote River Basin
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RISK TO CITY AND COUNTY IS MINIMIZED NO NEW
DOLLARS EXPENDED UNTIL 2017
Estimated annual budget impact
Net increase in public expenditure on baseball
Tropicana Field redevelopment tax generation
Net public benefit
Year
2010
0
lt 1.0 million
lt 1.0 million
2015
0
4.2 million
4.2 million
2020
12.8 million
19.4 million
6.6 million
2025
14.5 million
22.5 million
8.0 million
Projects will generate immediate benefits while
avoiding even 1 of new public expenditures for 7
years
Based on the more conservative of the two
Tropicana Field redevelopment programs currently
being considered by the City of St. Petersburg
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BENEFITS NEW MONEY FOR SCHOOLS

• Impact on Schools
• 215 Million in new monies over the next 35 years
  (73 million in todays dollars) for Pinellas
  County Schools
• Much needed help at a time when the school
  district is considering closing schools and
  reducing teacher pay.
• Only available with the Tropicana Field
  redevelopment

• Could be put to any number of uses, including
• Hiring an additional 80 teachers per year or
• Purchasing an additional 100,000 computers

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BENEFITS THOUSANDS OF NEW JOBS

• Impact on Jobs
• During the last year, the Tampa Bay market has
  lost 8,000 construction jobs
• Single largest development project in the history
  of St. Petersburg
• 1.2 billion in new private investment
• 10,000 construction jobs
• 2,500 permanent jobs

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NEW BALLPARK IMPACTS
Real benefits for the community

• Securing Major League Baseball in Pinellas County
  through 2046
• Continuing the tradition of baseball on the
  waterfront in a new world-class facility
• 2 million annual attendance generate new spending
  for area businesses
• Millions of dollars in new sales taxes
• Hundreds of millions of dollars in collateral
  development
• National showcase for the areas natural
  resources, bringing in new out-of town visitors.
  All-Star Game alone will bring in over 60
  million in economic impact and 30 million TV
  viewers

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NEW BALLPARK IMPACTS
Impacts on tourism showcase the areas natural
resources to millions of out-of town TV viewers
who currently only see the inside of a dome
Telecasts from Tropicana Field currently reach
almost 30 million viewers in out-of-town markets
annually
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NEW BALLPARK IMPACTS
Impacts on tourism bring tens of thousands of
new out-of-town visitors to Pinellas County

• Over 300,000 were purchased by fans from outside
  the Tampa Bay area in 2007
• This number is growing and would increase
  significantly in a new, state-of-the-art iconic
  ballpark (teams generally see a significant jump
  not only in overall attendance, but in
  out-of-town purchases as well, when a new
  facility is opened)
• All-Star Game and other special events would
  bring significant new visitors to the area

NOTE use Yahoo! anecdote here
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NEW BALLPARK IMPACTS
Impacts on tourism All-Star Game

• Major League Baseball has committed to awarding
  an All-Star Game to the Tampa Bay area if a new
  ballpark is constructed
• The MLB All-Star Game is one of the biggest
  sporting events each year, bringing in
• Over 31 million TV viewers for the game itself
• Another 7 million TV viewers for the Home Run
  derby
• Over 60 million in economic impact, including
  tens of thousands of out-of-town visitors
• Tens of millions of dollars in charitable
  donations to local charities

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MAINTAINING THE FINANCING PRINCIPLES

• Whatever a City or County resident pays in taxes
  today, that bill will not increase because of
  these projects
• No existing service will find its current budget
  allocation diverted to either of these projects
• The risk to the City and County is minimized, and
  the financial rewards outweigh the risks.
• More than 900 million in new tax revenues will
  be generated for the City, County, schools and
  public services over the next 35 years (over 300
  million in todays dollars)
• The City and County debt on Tropicana Field will
  be retired by a private developer

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BENEFITS TO TOURISM IN PINELLAS COUNTY

• Capped financial commitment, with significant
  surplus expected from 4th cent proceeds
• Tens of thousands of new out-of-town visitors
  drawn to the area by a state-of-the-art, iconic
  waterfront ballpark
• Significant opportunity to enhance exposure of
  the areas natural resources to the 30 million
  annual television viewers in visiting team
  markets currently watching Rays home games at
  Tropicana Field
• Major events, like the MLB All-Star Game, will
  provide worldwide exposure for the area, bring in
  tens of thousands of new visitors, and over 60
  million in economic impact
• Extensive tourism marketing package will be
  included as part of deal for a new facility

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