Rays indicate plan to fund at least 50% of ballpark costs

As Hillsborough County commissioners prepare for a Feb 4 briefing, county officials are laying out the early framework guiding discussions around a potential Tampa Bay Rays ballpark and mixed-use redevelopment in the City of Tampa.

The item is scheduled as an informational update rather than an action request. Agenda materials emphasize governance, funding guardrails and process rather than outcomes.

No negotiations have taken place with the Rays’ new ownership group, and no public funding commitments have been made.

County staff emphasize that the briefing is intended to determine whether a feasible structure exists that could support future talks, not to advance a deal.

A framework before negotiations

According to agenda materials, the Rays approached local governments following the franchise’s sale to a new ownership group in September 2025.

The team requested information on potential funding mechanisms as part of an early evaluation process focused on site feasibility and financing structure.

The preferred site identified by the Rays is the Hillsborough College Dale Mabry campus, a 113-acre property west of Dale Mabry Highway in the City of Tampa.

READ: TAMPA BAY RAYS NEWS

The property is owned by the State of Florida. Gov. Ron DeSantis has publicly expressed support for redeveloping the campus with a Rays ballpark as a centerpiece.

On Jan. 20, the Hillsborough College Board of Trustees approved a nonbinding memorandum of understanding allowing formal discussions to begin. The board retains authority to terminate the process at any point and is expected to determine next steps within 120 days.

County officials stress that no general revenue funding is being considered. Any future structure would be required to protect the credit ratings of both Hillsborough County and the City of Tampa.

“This is a briefing update, not a recommendation,” agenda materials state.

How a ballpark could be funded

Under the conceptual framework presented to commissioners, the Rays have indicated their intent to fund at least 50% of the ballpark’s construction costs.

The remaining portion could be sourced from visitor-based or project-generated revenues, subject to further analysis and approval.

Potential funding sources identified include the sixth-cent Tourist Development Tax.

Additional sources include future Community Investment Tax revenue above baseline growth projections.

The framework also references tax increment revenue generated within the Drew Park Community Redevelopment Area, special assessment districts authorized by the City of Tampa, facility rent or ticket surcharges and investment earnings.

READ: TAMPA BAY BUSINESS NEWS

Other options referenced include state-level programs or new revenue mechanisms that would require legislative approval.

County staff note that all funding sources remain conceptual. No commitments have been made. Several would require action by the County Commission, City Council, the Tampa Sports Authority or the State Legislature.

Construction cost overruns would be borne by the Rays.

The team would also be responsible for funding long-term maintenance reserves and providing guarantees tied to surrounding private development.

Development risk and tax structure

Under the proposed principles, the Rays would assume all development risk and provide acceptable surety to protect any public funds that may be bonded.

As with Raymond James Stadium, Benchmark International Arena and Steinbrenner Field, the ballpark itself would be exempt from property taxes except for privately controlled portions.

Any exemption would require a formal vote by the County Commission.

READ: TAMPA BAY REAL ESTATE NEWS

Private mixed-use development surrounding the stadium would remain subject to property taxes, except for public parking and statutorily exempt uses.

County officials describe the approach as consistent with how large-scale civic assets are typically evaluated before entering binding negotiations.

Why business leaders are watching

For Tampa Bay business leaders tracking regional growth, the briefing offers an early look at how large public-private projects may be evaluated before public capital is committed.

The Rays’ proposal extends beyond a stadium.

The team has outlined plans to redevelop the Hillsborough College campus as a mixed-use district that could include retail, restaurants, entertainment, office space, housing, hotels and new academic facilities.

Tampa Sports Authority staff are reviewing projected construction costs and the economics of the proposal.

Additional analysis is expected to continue through 2026.

What comes next

County staff anticipate providing further updates as information becomes available and as discussions continue among the County, the City of Tampa, the Tampa Sports Authority and the Rays.

Any developed term sheet would require public presentation and additional votes before moving forward.

The outcome will influence how Tampa Bay approaches future partnerships that sit at the intersection of real estate, professional sports and long-term economic development.

For now, commissioners are being asked to receive the update and understand the framework, not to decide its future.