Hillsborough County has not reached an agreement with the Tampa Bay Rays on a proposed stadium deal, with key issues unresolved as commissioners review financing and structure for the $2.3 billion project ahead of a June 1 deadline to finalize binding agreements.
Commissioners focused on three central questions: how more than $1 billion in public funding would be structured, whether the team’s ownership group has demonstrated the financial capacity to fund its share and how to evaluate projected economic returns tied to the project.
Board members questioned whether the county should provide funding during construction or shift to a performance-based reimbursement model. Staff said a reimbursement approach has been proposed but has not been accepted by the Rays, who have indicated a preference for funding to be available during construction.
Commissioners also asked whether the team has verified its ability to meet its financial commitment. Staff said that verification remains an open item.
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Questions also centered on the reliability of projected economic returns. An AECOM analysis estimates $63 billion in economic output and about $2.8 billion in tax revenue over 30 years, but the analysis is based on assumptions and is not a full feasibility study.
“You don’t know because you had to guess so much,” Commissioner Joshua Wostal said.
Legal questions tied to the use of Community Investment Tax revenues remain unresolved. County Attorney Julia Mandell said bond counsel determined there is no prohibition on using the tax for a county-owned sports facility, but said additional legal review may be needed on questions related to voter intent.
County officials said meeting the Rays’ funding request may require combining multiple revenue sources, including tourist development taxes, redevelopment revenues and reserves, while managing existing commitments and broader financial constraints.
Commissioners also raised concerns about traffic and infrastructure capacity. State transportation officials said improvements tied to the project have been programmed and would not displace existing projects, though questions remain about long-term impacts.
There was broad alignment among commissioners on the issues raised, with members focusing on funding structure, financial risk and long-term public benefit as conditions for moving forward.
As the workshop concluded, commissioners said support for the project will depend on whether those issues can be resolved before the board considers a final agreement.
The proposal calls for a new ballpark at Hillsborough Community College’s Dale Mabry campus as part of a mixed-use district with residential, office, retail and hotel development. Under the current framework, the Rays have committed at least $1.235 billion toward the project, while public participation is capped at $1.065 billion.
The current timeline targets an April 2029 opening, contingent on completing agreements this summer and advancing into construction.
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