The Pinellas County Commission voted 5-2 Tuesday to approve its $312.5 million share of bond financing for the Tampa Bay Rays' proposed $1.3 billion ballpark in St. Petersburg, Florida.

Curt Anderson and Kate Payne in the Associated Press reported the news on the vote, which was a major hurdle toward the Rays getting the necessary financing to remain in the area and get the new stadium.

Per Janelle Irwin Taylor of Florida Politics, the St. Petersburg City Council previously approved $287.5 million for the stadium on Dec. 5.

According to Jason Clinkscales of Sportico, the Rays are on the hook for $700 million total and cost overruns.

The stadium is part of a bigger $6.5 billion project, as noted by the AP:

"The proposed stadium is a signature piece of a broader $6.5 billion revitalization project known as the Historic Gas Plant District, which refers to a predominantly Black neighborhood that was forced out by construction of the Trop and an interstate highway spur.

"Supporters say the development would transform an 86-acre tract in the city's downtown, with plans for a Black history museum, affordable housing, entertainment venues, plus office and retail space -- and the promise of thousands of jobs."

In October, Hurricane Milton tore the roof off Tampa Bay's Tropicana Field home, which has since pushed the Rays into using the New York Yankees' spring training stadium, George M. Steinbrenner Field, for the 2025 season.

That in turn created a series of events that cast doubt on the Rays' future in the Tampa Bay area.

Colleen Wright of the Tampa Bay Times provided more information:

"Pinellas County commissioners voted in July to approve $312.5 million in public financing for the stadium using tourist taxes to pay off the debt. The commission voted 6-1 in October to delay votes on issuing bonds due to uncertainty over where the Rays would play the 2025 season after Hurricane Milton tore off the roof at Tropicana Field.

"The commissioner who led the charge to delay, Chris Latvala, voted no on the deal back in July. He said the team would be taking tourist tax dollars that would pay for the new stadium out of the county and should instead look at playing at BayCare Ballpark in Clearwater as their temporary home.

"That decision, made possible by commissioners who were in support of the deal in July when it passed with a 5-2, delayed the bond vote until after the November election. Then, stadium skeptics Vince Nowicki and Chris Scherer were elected and replaced commissioners who were in support of the stadium deal. They could join Latvala and [Dave Eggers], the two no votes in July, to make up a new anti-stadium majority."

So there were delays and concerns regarding the matter, but this was obviously a big win for the Rays.

However, there's some issues ahead, as the team noted in a statement. In essence, the team is now looking for help in covering the cost overruns, also noting a delay that has slid the proposed opening of the stadium from 2028 to 2029.

"As we have made clear, the County's delay has caused the ballpark's completion to slide into 2029," Rays co-president Matt Silverman said, per Eric Fisher of Front Office Sports.

"As a result, the cost of the project has increased significantly, and we cannot absorb this increase alone. When the County and City wish to engage, we remain ready to solve this funding gap together."

Meanwhile, Pinellas county commissioner Chris Latvala made his opinion on the Rays' ownership bluntly clear, per Fisher.

"While I do not trust the owner of the Rays [Stu Sternberg], I trust Mr. Manfred," Latvala said. "He is the reason I am voting yes. MLB is aware of the several instances where the Rays organization has intentionally tried to sabotage the very deal they agreed to. As a result of this vote, it is my hope that the Tampa Bay Rays will finally have an owner that our other wonderful local franchises have.

"I hope our vote today helps set the wheels in motion for a new owner and a new era of Tampa Bay Rays baseball," Latvala also stated.

So while the Tuesday vote signifies some light at the end of the tunnel, it appears the Rays still have some traveling ahead to actually get there.