For Immediate Release

Contact: Bobby Silvest

(813) 350-6500

`

Tampa Sports Authority Refinances Bonds-

Saving Taxpayers over $25M

 

TAMPA, FL., January 6, 2015- The Tampa Sports Authority (Authority), in conjunction

with the City of Tampa and Hillsborough County, have refinanced their existing bonds

for Raymond James Stadium through a competitive sale process. The release of the

bond reserve funds combined with the interest rate savings, will provide $25 million

in cash flow savings to the Authority over the life of the refinanced bonds. Proceeds

from these refinancings will be used by the Authority for stadium improvements and

repairs at Raymond James Stadium, thereby reducing the obligation of the city and

the county. The winning bids were provided by syndicates led by Morgan Stanley and

Raymond James.

 

“I am proud to be part of a group that brought a win to the taxpayers of Hillsborough

County and the City of Tampa,” said Don DeFosset, Chairman of the Tampa Sports

Authority Board ,“the $25 million in savings generated through the hard work of our

President/CEO Eric Hart, Hillsborough County Chief Financial Administrator Bonnie

Wise and City of Tampa CFO Sonya Little, is a great example of what can happen when

government agencies work together as a team.”

 

“The Authority was able to issue these refinancings at very low market interest rate

and I thank the Tampa Sports Authority and its board, along with the City of Tampa for

their cooperation on completing this task to benefit our taxpayers,”said Bonnie Wise.

“Anytime we can reduce the amount of taxpayer subsidized programs, we are moving

in the right direction,”said Sonya Little,” I would like to thank our partners at the

County and Tampa Sports Authority for partnering to develop this innovative

transaction.”

 

Tampa Sports Authority is the manager of Raymond James Stadium and three city golf

courses as well as the landlord for George Steinbrenner Field and the Amalie Arena.

Tampa Sports Authority was created in 1965 by an enabling act of the Florida

Legislature for the purpose of:

• Planning, developing and operating a comprehensive complex of sports

and recreational facilities

• Issuing revenue bonds and refunding bonds to carry out the purpose of

this act and for the rights and remedies of bondholders

• Providing sources of revenues including appropriations from the City of

Tampa and the Board of County commissioners of Hillsborough County to

the Authority

• Providing for competitive bidding of certain contracts

 

For more information about the Authority, go to www.tampasportsauthority.com.

A more detailed accounting of the bond transactions can be found at:

http: www.tampasportsauthority.com/procurement-services

 

Tampa Sports Authority Board

Don DeFosset- Chairman

Andrew Scaglione- Vice Chairman

Vincent Marchetti- Secretary/Treasurer

Kalyn K. Brandewie

Hon. Ken Hagan

John Jaeb

Randy Larson

Tony Muniz

Luciano Prida, Jr.

Hon. Frank Reddick

Thomas Scott

Eric D. Hart, CFE- President/CEO

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