The St. Petersburg, Florida, City Council approved bonds to assist pay for a recent stadium for the Tampa Bay Rays.

Bloomberg News

The Tampa Bay Rays moved a step closer to a recent stadium, because the St. Petersburg, Florida, City Council voted 4 to three Thursday to approve $333.5 million in bonds for that project and redeveloping an adjoining land parcel.

However the deal relies on the Pinellas County Commissioners voting to approve different bonds for the 2 projects in mid-December.

“We appreciate that the St. Petersburg City Council took motion on this item today,” Tampa Bay Rays President Matt Silverman said after the vote.

In the event that they ultimately go forward, town will issue $77 million Series 2024A bonds and a $214.5 million Series 2024B bond for the stadium project, and $42 million Series 2024C bonds to redevelop an adjoining historic gas plant property.

BofA Securities and Raymond James would function lead underwriters, PFM Financial Advisors as municipal advisor, and Bryant Miller Olive as bond counsel.

A wide range of non-ad valorem taxes and charges could be used to repay the bonds.

The bonds would mature no later than December 31, 2055.

The proceeds from the Series 2024A and 2024B bonds could be added to other sources to fund the $1.3 billion 30,000-plus-seat stadium. Proceeds from the Series 2024C bonds could be used to finance infrastructure improvements within the gas plant district to support the power.

The Rays have been in search of a substitute for Tropicana Field for years.

This summer Hurricane Milton damaged its roof, forcing the team to play elsewhere next season.

The Rays plan to play within the Latest York Yankees’ minor league facility Steinbrenner Field next season.

At Thursday’s meeting, St. Petersburg Mayor Ken Welch said he really useful the council approve the bonds.

But City Council Member Lisset Hanewicz voted against the bonds since no Rays’ officials attended the meeting.

Stadium costs are mounting for local and state governments across america.