Hillsborough County unveils proposed stadium deal with Rays
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Rendering: Courtesy of the Tampa Bay Rays
Hillsborough County on Thursday unveiled its non-binding memorandum of understanding with the Rays and the city of Tampa for a new stadium.
Why it matters: It's a hopeful sign for the Rays, who have set a deadline of June 1 for a completed agreement and are working against a tight window to have a new ballpark ready by Opening Day 2029.
Driving the news: The stadium is expected to cost $2.3 billion. Under the nonbinding agreement, local governments would contribute no more than $976 million — less than the $1 billion the team sought.
- Hillsborough County would provide $796 million, $360 million of which would come from its half-cent sales tax. The city of Tampa and the Drew Park Community Redevelopment Agency would contribute $180 million.
- Per the agreement, the county would own the stadium, exempting it from property taxes, while the adjacent mixed-use development proposed by the team would remain taxable.
Between the lines: The county got much of what it asked for in its stadium workshop.
- The Rays agreed to cut costs where possible in stadium areas backed by taxpayer dollars, and local governments would not be required to find alternative funding if any of their share falls through.
- Local governments would also not be responsible for any costs associated with Hillsborough College's campus overhaul or for any transportation improvements or parking needed to accommodate the stadium.
What they're saying: "This is a rare and perhaps unprecedented moment for Tampa Bay," said Rays CEO Ken Babby in a statement.
- The Rays "are all in on this opportunity and look forward to working with officials in the days ahead to bring this project to life."
Yes, but: County Attorney Julia Mandell wrote in an email to commissioners that "there are many issues which remain pending to be resolved."
Friction point: Pressure is mounting on local leaders to strike a deal with the Rays as Orlando smells blood in the water and fans sound off online.
- Gov. Ron DeSantis (a friend of Rays managing partner Patrick Zalupski) spoke this week about the prospect of the team packing up for Orlando, which he said "would plow a lot of money into" a stadium there.
- State Sen. Ed Hooper (R-Clearwater) told the Tampa Bay Times that his chamber would not commit funds toward the construction of a new campus for Hillsborough College until the Rays secure local support.
The big picture: The college's makeover is central to the stadium effort. Officials initially requested $50 million from the state, but reports suggest that figure could swell to $150 million.
- The Senate allocated funding for Hillsborough College in its budget proposal, while the House (which had not received a request) did not.
What's next: The Hillsborough Board of County Commissioners is expected to vote on the memorandum of understanding at its meeting next Wednesday. The Tampa City Council could follow next Thursday.