Hillsborough County commissioners are scheduled to vote Wednesday on a revised agreement that would significantly expand public funding for long-term renovations Benchmark International Arena.
The proposal would raise the county’s maximum financial commitment from $108.5 million to $358.5 million, funded through future bond issuances backed by the fifth percent tourist development tax.
County staff is recommending approval of a package of amended and restated agreements governing renovation funding, lease terms and non-relocation protections tied to the arena, currently operated by Tampa Bay Arena LLC and home to the Tampa Bay Lightning.
What the proposal does
At the center of the agenda item is an amended and restated Arena Renovation Improvements Agreement between Hillsborough County, Lightning Hockey LP and Tampa Bay Arena LLC.
If approved, the agreement would:
- Increase the county’s maximum renovation payment obligation by $250 million, bringing the total cap to $358.5 million
- Require Lightning Hockey LP and Tampa Bay Arena LLC to invest an additional $75 million of their own funds in arena improvements
- Require private investment to be spent first before the county reimburses any new public dollars
- Extend the arena’s prime lease and sublease by six years, moving the expiration date from June 30, 2037 to June 30, 2043
County officials say the funding structure mirrors prior agreements, relying exclusively on tourist development tax revenues rather than general fund dollars.
No general fund exposure
According to the agenda materials, all county obligations under the agreement would be repaid solely through bonds secured by future fifth percent tourist development tax revenues.
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“No General Fund monies are obligated for this purpose,” the financial impact statement notes.
To date, approximately $91 million has been paid under the existing agreement, which was first approved in 2006 and amended multiple times over the past two decades.
Why the county says it matters
County staff describes the arena as a key economic driver for the Water Street and Channelside district and a publicly owned asset now more than 30 years old.
The renovation agreement includes an illustrative list of eligible capital improvements rather than a fixed project list.
Each project would still require county approval before reimbursement.
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The proposed improvements range from structural repairs and mechanical systems to technology upgrades, security infrastructure and energy efficiency improvements.
Staff also emphasized strengthened non-relocation and abandonment provisions, including higher liquidated damages payable to the county if the team leaves early.
Lease protections and guarantees
In addition to the renovation agreement, commissioners will vote on multiple related amendments, including:
- A second amendment to the prime lease
- A second amendment to the sublease
- A third amendment to the sublease requirements agreement
- An amended and restated guaranty agreement
Together, the documents extend lease terms through 2043 and reinforce the county’s financial and operational protections.
What happens next
The vote is scheduled for Wednesday, Jan. 21.
If approved, county staff would be authorized to execute the amended agreements and begin implementing the revised funding structure.
County officials say the agreement is designed to preserve the arena’s long-term viability while sharing renovation costs between the public sector and private operators.
Financial terms related to future bond issuances would be brought forward separately as needed.
