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Rays unveil $450 million financing plan

Updated: May 15, 2008, 9:36 PM ET
Associated Press

ST. PETERSBURG, Fla. -- Tampa Bay Rays executives on Thursday announced a $450 million financing plan for a 34,000-seat waterfront ballpark.

Team executives are counting on the sale of their current home, Tropicana Field, the continuation of a hotel bed tax and $55 million in parking revenues over the life of the new stadium.

Rays president Matthew Silverman said the project would generate $900 million in tax revenues over three decades, redevelop the blighted area around the current ...

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