Rays want $1 billion from Hillsborough, Tampa for new ballpark
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Rendering: Courtesy of Tampa Bay Rays
The Rays are looking for about $1 billion from Hillsborough County and the City of Tampa to build a new ballpark, according to a working draft of the memorandum of understanding obtained by Axios.
Why it matters: That's $400 million more than what the team sought from Pinellas County and St. Petersburg — and would be the largest commitment of taxpayer dollars to a sports stadium in the region's history.
Driving the news: The Rays agreed to cover about $1.2 billion of the ballpark — as well as any overruns — while the county and the city would be on the hook for $750 million and $251 million, respectively.
- Those funds would come from a combination of revenue bonds backed by the tourist development tax, the half-cent sales tax and the Drew Park Community Redevelopment Area (CRA) tax increment.
- Hillsborough County would acquire the stadium site from Hillsborough College and lease it to the Rays for 35 years, with options to extend.
Between the lines: Local officials haven't weighed in on the draft document, which County Attorney Julia Mandell described as "purely the work product of the Rays' organization."
- Hillsborough commissioners are scheduled to hold a workshop to discuss the draft document next week, where county staff will clarify whether the county's half-cent sales tax can be used to finance the stadium.
- A public hearing is expected to follow in May.
What they're saying: "This memorandum of understanding marks an important step forward," Rays CEO Ken Babby said in a press release.
- "We look forward to continuing these conversations with the County, City, TSA, Hillsborough College, and the community, as we refine the plan and move the process ahead."
What's next: A stadium deal must be finalized and approved by June 1 to keep with the team's goal of completing the stadium by Opening Day 2029.