In a recent government meeting, officials outlined the financial and operational framework for the new stadium project in Saint Petersburg, emphasizing the city's limited financial exposure and the responsibilities of the private sector. The city’s contribution is capped, with Stadco, the private developer, responsible for any cost overruns, ensuring that financial risks are transferred away from the public sector.

Key milestones in the project timeline were discussed, including the completion of the final schematic design by the end of the month and the anticipated start of construction in January 2025. The construction phase is expected to last approximately three years, with the stadium projected to be ready for occupancy by the first quarter of 2028.

The meeting also detailed the stadium operating agreement, which establishes Stadco's role in managing the facility for a minimum of 30 years. This agreement aims to enhance economic development and tourism through efficient stadium operations. Stadco will retain all revenues generated from the stadium, including ticket sales and sponsorships, while being responsible for all operational costs, including maintenance and insurance.

Significantly, the city will no longer bear the burden of property insurance costs, which are projected to exceed $200 million over the agreement's term. Instead, Stadco will cover these expenses, along with a portion of traffic management costs, which will increase annually.

Additionally, a non-relocation agreement was established to ensure that the baseball team remains in Saint Petersburg, with strict conditions preventing any attempts to relocate outside the city. The team is required to play all home games at the new stadium, with limited exceptions.

The meeting concluded with a discussion on the project's economic impact, highlighting the commitment to diversity in construction hiring practices, including targets for disadvantaged workers and apprentices. This initiative aims to ensure that the benefits of the stadium project extend to the local community, fostering inclusive economic growth.