| TAMPA BAY RAYS STADIUM The St. Petersburg City Council voted to move forward with plans for a new $1.3 billion stadium for the Tampa Bay Rays baseball team and the redevelopment of the adjacent 86-acre Historic Gas Plant District. Although the city has approved the bonds, the Rays are still missing a crucial piece – the county’s $312.5 million contribution that will be funded through tourist development taxes. Pinellas County Commissioners are set to reconsider the bonds at their December 17th board meeting. NEW BRIGHTLINE STATION We previously reported that the City of Stuart rejected a proposal to build a Brightline rail station due to costs. Now, after several months of negotiation, the two parties have reached an agreement. Martin County will contribute $15 million of the $45 million in costs, and the parties will seek grants to cover the balance. Should grants not materialize by June 2027 either party may terminate the agreement. SPIRIT AIRLINES BANKRUPTCY On November 18th, Spirit Airlines filed for bankruptcy after losing over $2.5 billion over the last four years. The airline has suffered from excessive debt, lower passenger numbers and a failed merger. Spirit has reached a deal with its bondholders to provide additional equity and convert bonds to stock in the restructured company. It plans to exit bankruptcy in the first quarter of 2025. |
