Hillsborough to examine Rays stadium funding plan Thursday

Hillsborough County commissioners will review the Tampa Bay Rays stadium proposal in a workshop, as the project moves into a phase where financing, approvals and timing will determine its path forward.

The $2.3 billion ballpark and mixed-use development at Hillsborough Community College’s Dale Mabry campus now turns to how it will be funded and structured ahead of binding agreements. The Rays have committed at least $1.235 billion and will cover cost overruns. Public participation is capped at $1.065 billion.

The proposed funding stack includes tourist development tax revenues, community investment tax dollars and financing tied to the Drew Park Community Redevelopment Area, along with the steps required to move the plan into final agreements.

The framework, outlined in a memorandum of understanding among the county, City of Tampa, Tampa Sports Authority and the Community Redevelopment Agency Board, establishes the project’s funding structure and approval path while leaving final agreements and financing steps outstanding.

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Public funding would be supported by tourist development tax bonds backed by hotel revenues, along with community investment tax dollars and CRA-backed financing tied to the surrounding district. The agreement includes a provision that no new taxes would be created and is structured to avoid affecting funding for core services.

Additional funding could include federal disaster recovery reimbursements administered through the U.S. Department of Housing and Urban Development.

The timeline centers on a June 1, 2026 deadline to complete those agreements. Missing that window would push the targeted 2029 opening and add financing and construction risk.

The workshop will surface constraints around debt capacity, revenue reliability and long-term public obligations, shaping how the proposal returns for formal votes.

Under the proposed structure, the Rays would operate and maintain the ballpark under an initial 35-year lease, with options to extend, and would assume responsibility for maintenance, insurance and compliance with Major League Baseball standards.

The plan ties the stadium to a broader redevelopment of the Dale Mabry campus, combining academic facilities, infrastructure and private mixed-use development. Hillsborough Community College would relocate during construction and return to a redesigned campus integrated into the district.

The workshop will determine what changes are needed before final agreements return to the board and whether the project remains on its current timeline.