Hillsborough County Commissioners are scheduled to consider a $250 million agreement with the Tampa Bay Lightning to expand the county’s financial commitment to renovations at the Benchmark International Arena (formerly known as the Amalie Arena) and extend the team’s lease from June 2037 to June 2043.
The proposed agreement would raise the county’s maximum renovation contribution from $108.5 million to $358.5 million, while requiring the Lightning and Tampa Bay Arena LLC to spend an additional $75 million of their own funds on arena improvements. Under the terms of the deal, the team would be required to pay for renovation work upfront before becoming eligible for county reimbursement.
The revised agreement is intended to secure the Lightning’s long-term presence in downtown Tampa and address ongoing capital needs at the more than 30-year-old county-owned arena.
According to documents for Wednesday’s Hillsborough County meeting, the county’s share of the renovation costs would be financed exclusively through revenue bonds backed by the fifth-cent tourist development tax. To date, the county has paid approximately $91 million under the original arena renovation agreement first approved in 2006.
The agreement also requires Tampa Bay Arena and the Lightning to seek additional financial support from the city of Tampa and the state, though no commitments from either government are included in the agenda item.
The staff report indicates that continued investment is necessary to keep the arena competitive with newer venues and to preserve its role as a major economic driver in the Water Street and Channelside districts.
“Such public benefits include the Arena’s role as a catalyst for small and emerging businesses located in the District, a stimulus for development in the larger area around the Arena, and the host of many esteemed cultural events held in the Suncoast region of the State of Florida,” staff wrote in the report.
