Hillsborough County approves up to $358.5 million arena renovation, extends Lightning lease

The Hillsborough County Board of County Commissioners on Jan. 21 approved an amended and restated arena renovation improvements agreement and related lease amendments that will fund major upgrades to Benchmark International Arena and extend the arena lease through June 30, 2043.

Demarz, Hillsborough County communications and digital media, said the county "will invest up to $358.5 million, an increase of $250 million, to support major renovations" at the county‑owned facility and that the Tampa Bay Lightning and arena partners will contribute $113.4 million toward the improvements.

The county said all county funds for the project will come from tourist development tax revenues; no general‑fund dollars will be used. The approved lease extension runs six years from June 30, 2037, through June 30, 2043, and the recap said updated non‑relocation provisions are intended to keep the team in the community long term.

County officials characterized the action as a public‑private financing of arena capital improvements that aims to preserve the team’s local presence while leveraging visitor tax revenues rather than the county’s general operating budget. The agreement approved by commissioners is an amendment to existing arena arrangements and includes lease language updates and related modifications to concession and operating provisions, according to the recap.

Next steps identified by the board include executing the amended agreements and coordinating implementation with arena partners; the recap did not state a construction timeline or detailed project phasing. Details on budget timing, project milestones and contract execution were not specified in the recap and will be subject to subsequent staff reports and contract documents.