Property tax overhaul raises stakes for Rays stadium vote
The first major financial decision facing Hillsborough County after voters approved a sweeping property tax overhaul is whether to advance funding for a new Rays stadium. Why it matters : Commissioners are being asked to commit hundreds of millions of dollars toward a ballpark while county staff warn of possible layoffs and service cuts. The stadium deal would tie up more than $300 million from the county's half-cent sales tax, one of its few remaining tools to offset the forthcoming losses. Driving the news: The outgoing County Commission is set to vote Tuesday on a four-part stadium financing package. Two votes involve the half-cent sales tax. One adds the ballpark to its project list, and the other sets aside $90 million for the stadium, the first of four annual installments. Another two involve the tourist development tax. One lets that money go toward the stadium, including $40 million in cash, and the other authorizes borrowing up to $263 million. Follow the money: In all, Hillsborough County would put up to $796 million toward the stadium, primarily drawn from the half-cent sales tax and tourist development taxes. Tampa would contribute up to $80 million for the stadium, paid in four annual
Hillsborough County, FL · 14h
