Sheffield Promises $3M For Wiregrass Baseball Complex, Extension Granted

By Matt Wiley

Retired MLB star and longtime Tampa Bay-area resident Gary Sheffield says that he’ll cough up $3 million of his own money to make sure that the proposed Wiregrass Ranch baseball complex becomes a reality — a move that was enough to earn Pasco Sports, LLC, one last extension from the Pasco County to prove it has the funds to make the project happen.

“At the end of the day, when all of this is said and done, if no one comes forward to do this deal, my $3 million is going to take care of that note,” Sheffield told the Pasco County Board of County Commissioners (BOCC) on November 18. “Before I let this deal die, I have to step up and do something. I know the county wants (the complex), the state of Florida wants it and AAU Baseball all over the country wants it.”

At the meeting, the BOCC discussed the recommendations from county staff and the county’s financial advisors at Dunlap & Associates, Inc., about the financing plan that Sheffield and his partner James Talton submitted in October for the complex. Pasco Sports had to prove that it had secured $23 million in order for the county to release $11 million in tourism tax dollars and bond revenue it committed to pay for the $34-million project’s infrastructure. The $3 million Sheffield referenced would pay for the design and some of the construction of the project.

Although Pasco Sports made its deadline (which already was extended by 90 days) to submit necessary proof of financing for the baseball facility, commissioners granted another extension to December 5, so the company could find more concrete financing. However, that deadline was after we went to press with this issue. Based upon the financing submitted at that time, the county will decide whether or not to move forward with the project on January 13.

Ironing down investors has been a difficult task, Sheffield said, since Pasco Sports doesn’t own the 200 acres of land (donated by the Porter family, which owns the Wiregrass Ranch Development of Regional Impact) or really have anything to offer investors in exchange for their funding

After reviewing the plan, Dunlap & Associates raised concerns about the source of Pasco Sports’ funding. The financing plan consists of a $3-million loan from Hallmark Mergers & Acquisitions, LLC, as well as a commitment from the Florida EB-5 Regional Center, LLC, to help raise the remaining $20 million as a “Foreign Investment Project.” Dunlap & Associates said that, while the Florida EB-5 Regional Center had agreed to help raise funds for the project from those “foreign investors,” the commitment itself doesn’t “count” as “available funds.”

But, Pasco administrator Michele Baker said that after speaking with some interested investors who have come forward since the plan was submitted, she didn’t mind allowing a little extra time.

“(County staff has) been having conversations with brokers and financiers who are interested in being involved in the project,” Baker said, adding that in addition to the December 5 deadline, a letter with all of the funding information is to be submitted to the county by Pasco Sports by December 19, so that county staff and financial advisors have time to review the info ahead of the January BOCC meeting.

District 5 Pasco Comm. Jack Mariano voiced concerns about the plan submitted in October. 

“This (plan) looks like it was just thrown together to put in front of us to move (the project) forward,” Comm. Mariano said. “I don’t think that (Pasco Sports) has met the terms of the agreement, even with the extension that we gave them.”

BOCC chair and District 1 Comm. Ted Schrader supported the final extension.

“I’m comfortable with giving them a little extra time to get the necessary documents to make our financial advisors comfortable, the county attorney’s office comfortable and the county administrator comfortable,” Comm. Schrader said. “I think we can all agree that it’s a fantastic location, it’s a great concept; we just need to make sure that we have the right partner.”

Newly elected District 2 Comm. Mike Moore, who was sworn in earlier in the day, also supported the extension.

“This (project) is in my district, so I’m excited about it, but, if we’re going to move forward, we’ve got to have some assurances that the financing is there,” Comm. Moore said. “There’s got to be some available cash. You have to have some skin in the game.”