Hillsborough County approves Rays stadium MOU

• Neither vote will ensure a ballpark is built, but they're a step in that direction, laying out a framework for the eventual deal and allowing public officials to come out on the record, in support or opposition.

Driving the news: Under the nonbinding agreement, local governments would contribute no more than $976 million toward the ballpark, the largest commitment of taxpayer dollars to a sports stadium in the region's history.

• Hillsborough County would provide $796 million, $360 million of which would come from its half-cent sales tax, a major point of contention on the board, which had said the tax would not go toward a new stadium.
• The half-cent sales tax would be doled out in four installments rather than being bonded, ensuring the stadium won't affect other projects.

Zoom in: Before the vote, county administrator Bonnie Wise said that approving the memorandum does nothing more than allow the parties to negotiate further, which gave commissioners more cover to approve it.

• The "no" votes came from Republican commissioners Donna Cameron-Cepeda and Joshua Wostal, who described the memorandum as "a monumental betrayal to the taxpayers of Hillsborough County."

Between the lines: It isn't a done deal. County staff told commissioners that several questions remain unanswered, including the timeline of the mixed-use development that the Rays plan to build alongside the new stadium.

• The mixed-use development is the only part of the project that would be taxable (the stadium is expected to be exempt), and where the "majority of the fiscal benefits" will be realized, financial analysts said.
• County staff is also interested in how the team arrived at the $2.3 billion figure they have estimated the stadium will cost.

The latest: Hillsborough College approved a ground lease with the Rays on Wednesday afternoon. The lease does not yet have a start date, but once it takes effect, it will last 99 years.

The big picture: The greatest threat to a new Rays stadium is time. The team had aimed to complete the deal by June 1, but conceded (after some prodding) that it would be satisfied with the memorandum.

• Whether the Rays can stomach further delays as they work to build a stadium in time for Opening Day 2029 is anyone's guess.

What's next: The Tampa City Council meets at 9am on Thursday to vote on the memorandum. Chair Alan Clendenin has already come out in support of the agreement in an op-ed published in the Tampa Bay Times.

• For the new ballpark to receive funds from the half-cent sales tax, a public hearing would need to be held to add it to the list of approved projects.

Editor's note: This story was updated to reflect Hillsborough College's approval of a ground lease with the Rays.