Subject: Response to “Pinellas Has Too Much at Stake to Scuttle Rays Stadium Deal” Editorial
Dear Tampa Bay Times Editorial Board,
I am writing to express my concerns regarding your recent editorial entitled “Pinellas Has Too Much at Stake to Scuttle Rays Stadium Deal” published on November 15th.
You stated that it would be a “bad look” for the city or county to back out of the stadium deal. However, it is crucial to remember that when the Rays entered into this contract, they did so knowing that it was contingent upon approval by the St. Petersburg City Council and the Pinellas County Board of Commissioners for the sale of bonds. This means the deal was always conditional, not final. Comparing this to a home sale, it is akin to a buyer’s offer being contingent on obtaining financing – a common and understood part of such transactions. Should the buyer fail to secure a mortgage, the sale does not proceed. This is not a matter of trust; it is an inherent part of the process.
You also mentioned that “kneecapping the agreement at this stage would send all the wrong signals to any business that might want to move” here. However, businesses and investors are well aware that deals subject to financing are not guaranteed until all conditions are met. To suggest otherwise is misleading and does not account for the complexities involved in large-scale financing projects.
Furthermore, our community recently endured two significant storms, which starkly highlighted our vulnerability and the urgent need for resilient infrastructure. The extensive damage to our water, sewage, and road systems requires immediate attention and substantial investment. Many residents have lost their homes and belongings. And virtually everyone is worried about the impact of the next storm. The long-term impacts on our community could be severe.
Given these circumstances, prioritizing essential infrastructure over a new stadium is not only reasonable but necessary. St. Petersburg has identified more than $5 billion in capital improvements needed to the sewer and stormwater systems, and more than $1 billion in seawall repairs. The idea that funding a stadium will bring significant community benefits lacks concrete evidence, especially compared to the clear and pressing need for hurricane preparedness and infrastructure improvements. Investing in these areas is essential for the safety and well-being of St. Pete’s residents.
Additionally, your claim that “Pinellas can’t be trusted” if the stadium deal falls through is unfounded. The process of finalizing such deals includes due diligence and ensuring that all conditions, including financing, are satisfactorily met. This is a fundamental aspect of responsible governance and financial management.
In conclusion, while the notion of a new stadium might seem appealing, the current situation demands a reevaluation of priorities. The safety, welfare, and resilience of our community must come first. I urge the Tampa Bay Times to consider the broader context and the critical needs of our residents when discussing this issue.
Thank you for your attention.
Ron Diner was the founder and former president of Raymond James Affordable Housing, the nation’s largest provider of equity capital for affordable housing developments. He also co-founded Lunch Pals, Pinellas County school’s lunch time mentoring program. He has written extensively about the Rays/Hines deal on www.homerunsmatter.com and www.homerunsmatter.com
