In a recent government meeting, officials outlined significant developments regarding the construction of a new stadium in Saint Petersburg, emphasizing the project's adherence to established guidelines and funding strategies. The city is currently in the process of selecting a construction manager through the CCNA process, with the aim of ensuring that the project meets its functional and aesthetic goals.

The preliminary budget for the stadium is set at approximately $1.37 billion, with funding contributions from various sources: $287.5 million from the city, $312.5 million from the county, and an estimated $770 million from the stadium's ownership group, STADCO, which will also cover any cost overruns. The stadium is designed to include a fixed roof, air conditioning, a minimum of 25,000 spectator seats, and 10,000 square feet of flexible meeting space.

Skanska has been appointed as the owner's representative, while Populous has been selected as the stadium architect, known for its expertise in sports facilities. Additionally, Brentfrock will design and build the parking garages associated with the project.

The meeting also addressed the financial framework necessary for the project, highlighting the importance of documenting the financing plan to ensure project goals are met and responsibilities are clearly defined. The city aims to mitigate financial, construction, and operational risks throughout the project's duration.

Key financial details include the issuance of bonds, with a master bond resolution expected to be presented to the city council soon. This resolution will authorize the issuance of bonds not to exceed $77 million for Series A and $214.5 million for Series B. The timeline for bond issuance is projected for late 2024, with a focus on ensuring that all financial obligations are met before funds are released for construction.

Overall, the meeting underscored the city's commitment to a transparent and structured approach to the stadium project, aiming to deliver a facility that meets the community's needs while safeguarding public funds.