Tampa-area chambers of commerce reportedly are exploring the idea of creating a regional authority to broaden the taxable base that would finance a new stadium for Major League Baseball’s Tampa Bay Rays.

For several years, the team has said that it wants a new stadium that could cost upwards of $600 million.

The Rays currently play in Tropicana Field, a domed multi-purpose facility converted with bond financing to baseball-only use by St. Petersburg. Some of the debt is still outstanding.

The Rays began shopping a plan for a new stadium shortly before the recession hit. Since then, the Tampa and St. Petersburg chambers have continued to study avenues for building a new facility.

Among the ideas being considered is a multi-county authority that could share in the cost, according to the Tampa Tribune. Such an authority would likely need support from the Florida Legislature.

Also being considered is expanding the existing Tampa Sports Authority, which issued debt for a professional football stadium and multi-use facility in Tampa.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.