Tropicana Field
Rays ownership revealed the financing plan on May 16, 2008. Under this plan, in addition to the $150 million Stuart Sternberg was to provide, at least $70 million would have come from the sale of Tropicana Field. $100 million would have come from an extension of the one cent on the Pinellas County tourist development tax that was approved for Tropicana Field, which was to be extended 25 to 30 years. $75 million was to be redirected from the money the city of St. Petersburg currently pays on the debt owed for construction of Tropicana Field, with those payments extended 25 to 30 years; the debt on Tropicana Field would be assumed by the redevelopers, taking that burden off the city. The remaining $55 million would be from parking fee revenues, and guaranteed by Sternberg. Sternberg would pay any cost overruns.