Rising flood insurance rates predicted to wash out homeowners and damage the real estate industry may be delayed for four years.
A group of Gulf Coast lawmakers is backing new legislation that will halt reforms to the National Flood Insurance Program while FEMA completes an affordability study.
U.S. Sen. Bill Nelson announced Monday that the House and Senate are close to an agreement to overturn increases to federally subsidized flood insurance coverage that took effect on Oct. 1. The bill is expected to be filed in the Senate today.
More than 50,000 properties in Pinellas County and 20,000 in Hillsborough are affected.
Some property owners of homes under $250,000 are experiencing new rates of $20,000 to $30,000, according to the Tampa Bay Times.
Florida leaders have been warning Congress that the increases will decimate the area's real estate industry. Congress voted to eliminate federal subsidies to flood insurance in 2012 to reflect "true" risk. The National Flood Insurance Program has a deficit from claims filed by victims of Hurricane Katrina and Sandy, which lashed the northeast.
Yankees, go home: Tampa officials seem to be shrugging off an announcement by the New York Yankees that its minor league team in Tampa will move to a new home in Ocala.
The Class A-Advanced minor league team, which has played at George M. Steinbrenner Field since 1996, will likely move to a new Ocala sports complex planned for 2016.
In Tampa, the team only draws about 1,000 to 1,500 fans per game in a ballpark that has 11,000 seats. The minor league team cannot seem to compete with major league sports in the Tampa Bay area, as well as an abundance of outdoor recreational activities.
The Tampa team has nurtured its share of future marquee players, including Derek Jeter and Ruben Rivera.
Officials say they hope to bring big-name concerts to Steinbrenner Field during the summer months, as well as sporting events other than baseball that might have a bigger draw.
Meanwhile, Ocala officials are poised to start construction on a $45 million stadium complex that will host the Yankees' minor league team. The plan will be introduced to the Ocala City Council Tuesday. Ocala is 97 miles north of Tampa.
The Yankees pay $100,000 a year plus a surcharge on tickets to play at the Tampa stadium, which is owned by Hillsborough County, according to TBO.com.
Foul ball in mayor’s race: The future of the Tampa Bay Rays in St. Petersburg is at the center of accusations of lying in the mayor’s race.
Candidate Rick Kriseman is accusing incumbent Bill Foster of being less than truthful about his conversations with the Tampa Bay Rays and their desire to move out of Tropicana Field.
Kriseman is challenging Foster’s assertion that there has been no financial offer by the Rays to break their lease with the city to start looking elsewhere in the Tampa Bay area.
Kriseman told the Tampa Bay Times that Rays president Matt Silverman said that the “allegation is not true — that the Rays weren’t offering anything.”
The Rays are concerned about the mayor’s lack of candor, Kriseman added.
Foster shot back that “everything I said was true,” according to the Tampa Bay Times. Foster has declined to detail his talks with the Rays, saying the negotiations are confidential.
