Tampa Bay Rays release memorandum outlining framework for new $2.3B stadium plan in Hillsborough County
Detailed look at new Rays stadium funding proposal
A newly released memorandum of understanding between the city of Tampa, Hillsborough County, the Tampa Bay Rays organization and related entities breaks down much of the framework for financing, building and operating a new ballpark near the Hillsborough Community College Dale Mabry campus. FOX 13's Evan Axelbank reports.
TAMPA, Fla. - A newly released memorandum of understanding between the city of Tampa, Hillsborough County, the Tampa Bay Rays organization and related entities breaks down much of the framework for financing, building and operating a new ballpark near the Hillsborough Community College Dale Mabry campus.
A proposed deal to build a new stadium for the Rays in Hillsborough County outlines a massive and complex $2.3 billion financing plan, with an opening slated for the 2029 Major League Baseball season.
Big picture view:
The "New Stadium Project" is envisioned as more than just a baseball venue. It would serve as a year-round community gathering space capable of hosting MLB games, concerts and other large events. Plans also include a surrounding mixed-use development with public parks and plazas.
Courtesy: Tampa Bay Rays
Leaders say the goal is to have the stadium ready by Opening Day 2029, with hopes for final agreements to be made by June 1, to keep the project on schedule.
By the numbers:
The total project is estimated at no less than $2.3 billion, funded through a mix of public and private dollars.
The city of Tampa is expected to contribute $251 million, Hillsborough County would provide $750 million, and the Rays would cover the remaining costs, including any extra costs.
Public funding would largely come from revenue bonds backed by tourist development taxes (TDT), community investment taxes (CIT) and Drew Park tax increment redevelopment funds (CRA), not general taxpayer dollars. The proportions of these sources have not been detailed.
The Rays also plan to contribute through private financing, equity and revenue sources like ticket surcharges.
Dig deeper:
Under the proposal, the county would own the stadium site, while a Rays-controlled entity would lease and operate the facility.
The lease would run 35 years, with options to extend for five additional three-year periods, and the team would retain revenue from tickets, concessions, sponsorships and naming rights.
In exchange, the Rays would be responsible for maintenance, upgrades and day-to-day operations.
A county attorney sent this to Hillsborough County Commissioners shortly before 3 p.m., saying it's purely the work product of the Rays.
The county is currently receiving an opinion as to whether CIT money can legally be used, with several commissioners already saying it may be illegal.
Another potential sticking point: The memorandum says that if the contribution amount is not available from the identified sources, the city and county must secure alternative sources, including existing capital project budgets.
The document says the Rays would cover the insurance, which became an issue when the roof of Tropicana Field came down in a hurricane.
Why you should care:
The agreement also calls for a future community benefits plan, which would include local hiring and living wage commitments, youth programs and community access, and neighborhood investments.
Public officials would also retain the ability to use the stadium during emergencies.
What's next:
The deal is not final, and still requires approval from local governing boards, finalized financing agreements, including the approval of using CIT funds, and approval from Major League Baseball.
Courtesy: Tampa Bay Rays
If those steps move forward as planned, construction timelines could align with a 2029 debut.
What they're saying:
Tampa Bay Rays Chief Executive Officer Ken Babby released a statement following the release of the memorandum Thursday:
"We are grateful for the collaborative effort of Hillsborough County, the city of Tampa and the Tampa Sports Authority, as we work together toward a shared vision for the Rays forever home in Tampa Bay. This memorandum of understanding marks an important step forward and reflects a responsible public-private partnership that can be achieved through open communication and a commitment to getting this right for the community. 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."
The Source: Information for this story was provided by a memorandum of understanding released by the Tampa Bay Rays organization.