ST. PETERSBURG, Fla. (AP) - Tampa Bay Rays baseball executives on Thursday announced a multipart $450 million financing plan they say demonstrates that a 34,000-seat waterfront stadium is a viable possibility.

The proposal has all the complexity of a major-league scorecard - with team executives counting on the sale of their current home, the continuation of a hotel bed tax and $55 million in parking revenues over the life of the new stadium.

In return, Rays President Matthew Silverman said the stadium project would generate $900 million in tax revenues over the next three decades, redevelop the blighted area around its current stadium and create thousands of new construction jobs. It would open in 2012.

"We see these projects combined as a $1.2 billion economic stimulus engine," Silverman said. "It could be the largest project in the history of St. Petersburg."

City officials listened patiently Thursday as the plan was presented, later asking questions about bond debt, parking agreements and whether the team could guarantee that building costs wouldn't skyrocket and hurt taxpayers.

There were more questions than answers Thursday. City budget leaders said they will scrutinize the numbers in preparation for a discussion scheduled for next week. Even if city and county leaders agree the plan is viable, it will still need voter approval in November.

"This is a start," St. Petersburg Mayor Rick Baker said.

The new stadium would sit on the edge of Tampa Bay and would include open-air seating. A sail-like retractable covering would shield fans from rainstorms and the heat, team officials have said.

While Thursday's proposal answered some lingering questions about how the Rays planned to pay for the new stadium, plenty of other hurdles remain.

"It's a top-heavy issue which could fall on a variety of different parameters," said City Council Chairman James Bennett. "One of the major ones is the waterfront issue. Then it's going to be the money issue."

Silverman said the team's plan would erase the current debt on Tropicana Field and add the 85-acre site back to the Pinellas County tax rolls. The area would be redeveloped into a mixed-use community.

The Rays would also commit $150 million to the project. The continuation of a hotel bed tax would add another $100 million, and the team would ask St. Petersburg to pay roughly $75 million that team officials say the city has already committed to the team.

Rays Senior Vice President Michael Kalt said 61 percent of the stadium's costs would come from private sources under the Rays' proposal. By the team's calculation, it would be the sixth-highest percentage of private investment in a professional baseball stadium.

"We think this has the potential to be one of the best deals ever negotiated by a local jurisdiction in all of Major League Baseball," Kalt said.

Silverman said the new stadium would also attract one guaranteed All-Star game, which he said would spotlight downtown St. Petersburg to millions of television viewers.

He acknowledged the project faces significant obstacles, and that for it to succeed the team, local officials and taxpayers will have to view it as a good deal. City Council members expressed doubt the team could generate $55 million from parking, especially since some of the money is committed to other sources.

Silverman said many of the details still require negotiation with city leaders.

"We believe it can be accomplished along the lines of what we presented today," Silverman said.


(Copyright 2008 by The Associated Press. All Rights Reserved.)