TAMPA, Fla. - Bay Area leaders met at Old Tampa City Hall on Friday to discuss a new memorandum of understanding for a $2.3 billion Tampa Bay Rays ballpark project.
Mayor Jane Castor, Hillsborough County Commission Chairman Ken Hagan and Rays CEO Ken Babby spoke about the West Tampa proposal.
The Hillsborough County Board of Commissioners will take up the topic of the memorandum of understanding on Wednesday, May 20, around 10: 15 a.m.
Confidence in memorandum vote
Major Jane Castor said she believed the memorandum would pass without any trouble. The non-binding agreement would continue in the process of the proposed stadium plans.
"It’s a non-binding memorandum, it says we have crafted the basics of an agreement. For the board to vote no would be a mistake," Mayor Castor said.
"It is a transformation project for the entire region," Mayor Castor added.
Officials say approval from the board of the non-binding MOU will neither change the County's current budget, nor create binding future commitments.
Tampa stadium funding
What we know:
The proposed $2.3 billion project includes a 31,000-seat enclosed stadium and the redevelopment of more than 100 acres for housing, offices and retail.
According to the memorandum of understanding released Thursday, the Tampa Bay Rays would contribute approximately $1.27 billion, covering about 55% of the total cost and any construction overruns.
The combined public contribution from the city and county is estimated at $976 million, with the county paying $796 million and the city providing $180 million.
Officials said no new taxes will be created, with funding instead coming from tourist development tax bonds, Community Investment Tax contributions and federal disaster recovery funds for infrastructure.
Ken Hagen also stated that the deal may adopt a hybrid model of financing. According to the current MOU, it would include a commitment of up to $360 million in Community Investment Tax (CIT) funds, $303 million in 6th percent Tourist Development Tax (TDT) bond proceeds and reserve funds, $103 million in appropriations from various reserves and $30 million in CDBG-DR funding.
Pending deal hurdles
What we don't know:
While the memorandum of understanding marks a major step, the Hillsborough County attorney noted the agreement is currently nonbinding and many issues remain pending before final documents are approved.
It is also unclear if the Florida Legislature will approve the $150 million in state budget funds currently being discussed in a special session to help rebuild the college campus. Ken Babby said the state is looking closely at the memorandum and agreements with the Rays and the City of Tampa.
When asked what the largest hurdle the Rays had to overcome to reach this tentative deal, Ken Babby stated it was a united front that was needed to reach it.
"By the end, I think we reached a fair framework," Babby explained.
West Tampa redevelopment
The backstory:
Several weeks ago, the Rays organization and county commissioners negotiated dozens of sticking points from a previous draft of the deal.
The current plan goes beyond a stadium, aiming to transform surface parking lots and aging buildings on the Hillsborough Community College campus into a rebuilt academic facility surrounded by 120 acres of new development.
Local taxpayer impact
Why you should care:
The agreement includes what officials call the largest community benefits agreement in the history of the city and county. This includes investments in local hiring, youth programs and workforce development.
Tampa City Councilman Alan Clendenin said city staff worked to ensure the city's $180 million contribution would be recoverable through increased property values and revenue created by the project.
Ken Hagen also emphasized that local taxpayers would not see a tax increase, rather a focus on tourist tax dollars — among other funding plans.
Public safety protections
What they're saying:
The Rays released a statement emphasizing that the deal protects public funding for essential services.
The organization said it was "paramount" to reach an agreement that does not reduce funding currently allocated to police, fire rescue, or emergency management. Councilman Clendenin added that the investment is "remarkable" and that the county commissioners "drove a hard bargain" to protect taxpayers.
Upcoming project votes
What's next:
The project must now go before local government bodies for public votes. Hillsborough County commissioners are expected to place the item on their agenda for Wednesday, May 20.
The Tampa City Council could then vote on the project on Thursday, May 21.
If approved, the goal is to have the stadium open for the 2029 baseball season and create approximately 7,500 jobs through the surrounding developments.
The Source: The information in this story was gathered from a memorandum of understanding released by Hillsborough County and the Tampa Bay Rays, a memo from the Hillsborough County attorney and public statements made by Tampa City Councilman Alan Clendenin.