Rays stadium deal faces significant funding gap as Hillsborough County negotiators continue talks

TAMPA, Fla. - In pursuing what would be one of the highest-stakes economic development deals in Hillsborough County and city of Tampa history, county commissioners held a public workshop where presenters said the two sides had made progress, but were not ready to make a deal.

The goal is to build a $2.3 billion stadium for the Tampa Bay Rays, just west of Dale Mabry Highway, with a surrounding development of more than 100 acres that would feature a new campus for Hillsborough College, restaurants, stores and offices.

What they're saying:

The county's number crunchers threw cold water on any remaining notion that a deal would be easy.

"We're not at this stage yet with staff where we feel comfortable with all the dollar amounts that are being proposed and how those monies happen," said one negotiator from the county administrator's office.

Slides show the Rays have identified four sources they'd like the county to contribute money from.

Sales taxes, tourist taxes, property taxes from a CRA and federal grant money from a previous storm.

But they're still 75 million short.

"I did want to point out that $75 million short means that we are still meeting 93% of the objective," a county negotiator told the commission.

Dig deeper:

The county has identified eight additional sources that could be tapped.

"I want the deal to work," Commissioner Gwen Myers said. "But we are short of funding and the two parties in [the] county need to come together."

Just before the meeting, the Rays wrote to commissioners that their desire to have a deal by June 1 is more than that.

"The deadlines we have set are driven by practical constraints, not pressure tactics. Failure to meet these timelines risks the loss of critical state funding for Hillsborough College, which would render the deal economically infeasible. In addition, missing the 2029 construction timeline would materially increase costs and invalidate the proposed budget," Rays CEO Ken Babby said.

Commissioners called for the project to be analyzed by outside experts, and for the Rays to justify the stadium's $2.3 billion cost.

"I would love to be able to vote yes on this, but I can only vote yes on it if I'm absolutely convinced that it's the right thing for the community and for the taxpayers," Commissioner Harry Cohen said.

There were also concerns about traffic and the reliability of sales and property tax money, given the number of cuts Tallahassee has put in place or is proposed.

By the numbers:

The Rays and outside economists say the stadium and surrounding development could generate $475 billion in economic activity, and 9,400 jobs with an average $80,000 salary.

"An opportunity of this magnitude is rare," County Administrator Bonnie Wise said. "It is potentially significant and warrants this board's thoughtful consideration and careful evaluation."

County Commission Chair Ken Hagan, the chief backer of the project, agrees the clock is ticking.

"I would encourage staff to continue working on the remaining deal points internally and with the team, and make every effort possible to resolve the outstanding issues in advance of our May 6th meeting," Hagan said. "When I say that, I do recognize that this will require the team to make concessions on a number of issues."

County negotiators are pressing ahead, without guarantees.

"I know there's been discussion about bringing something forward on May 6," one county presenter said. "I can assure you the county administrator has worked as hard as the rest of us to try and meet whatever timeline we can to get something before you. But this is a complex deal."

What's next:

The Rays want the two sides to have a deal by the first week of May so that it can be voted on by the Rays' June 1 deadline.

The city will have its own workshop on May 5, which will feature public comment.

The county could have more public hearings as well.

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