Yes the voters did vote against a tax to fund the stadium. However, I think its the amount that the city would have to put up that would be the issue. If the Taylor group comes back with a plan that would require some money from the city, but the money would also be paid back over a number of years, and the amount if reasonable, the city council could vote to take the money out of the general fund. Or the city council could vote to make city land available to the developers as part of the city's payment, with that lands worth being paid back down the road.
In other words, if you have the entire city council on board, and they're ballsy enough, they could allocate the money for the arena without a vote of the taxpayers.