The Tampa Bay Rays’ proposed $2.3 billion stadium and mixed-use development faces a vote Thursday before Tampa City Council, one day after Hillsborough County commissioners approved the same non-binding framework.
Both approvals are needed before the Rays, the city, the county and Tampa’s CRA can move into negotiations on a final stadium agreement. A rejection by Tampa City Council would effectively halt the current framework and force the parties back into negotiations as the Rays continue searching for a long-term home in the Tampa Bay region.
Public comment Thursday reflected the political pressure surrounding the proposal, with business leaders, sports supporters and residents urging council members to advance the framework while critics questioned financing assumptions, taxpayer exposure and the lack of finalized development agreements.
Ken Babby, chief executive officer of the Tampa Bay Rays, described the proposal as a “generational opportunity” and urged council members to approve the memorandum so negotiations could continue.
“What we’re talking about today is an $80 million conversation with City Council,” Babby said, describing the project as part of a broader investment expected to generate redevelopment, jobs and community benefits.
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Babby pointed to Hillsborough County’s vote Wednesday and a subsequent unanimous vote by the Hillsborough College board as evidence the proposal is gaining institutional support. He also read a statement he said came from Major League Baseball Commissioner Rob Manfred, who described the proposal as “the late innings of a very long game with the future of baseball in Tampa Bay hanging in the balance.”
Michael Marino, executive director of the Westshore Alliance, said developers and investors already have expressed interest in the surrounding corridor following the county’s vote and described the proposal as part of a broader redevelopment and transit strategy tied to airport expansion plans and the proposed SkyLink transit hub near the former DoubleTree site.
“This is a regional economic catalyst,” Marino told council members.
Joe Robinson, a Tampa Sports Authority board member, described the memorandum as a procedural step and said financing questions would be addressed later through formal agreements.
“This is just to get the conversation continuing,” Robinson told council members. “It’s non-binding.”
Opponents argued the public contribution remains too large for a project that still lacks finalized construction plans, detailed financing disclosures and completed development agreements. Some questioned whether the city and county should move forward before receiving clearer cost estimates, proof of funding and additional details about long-term infrastructure obligations and taxpayer exposure.
Inside the Rays ballpark deal
The proposal would put a new Major League Baseball stadium and a surrounding mixed-use district on part of Hillsborough College’s Dale Mabry campus inside the Drew Park CRA. The plan calls for at least 31,000 fixed seats, along with apartments, hotels, offices, restaurants, retail space and public gathering areas. The parties are targeting an opening for the 2029 baseball season.
The memorandum would not authorize construction or release public money. Instead, it would establish the framework for future development, funding and operating agreements that still would require approval from Tampa City Council, the Hillsborough County Commission, the CRA board and Major League Baseball.
The framework would cap public participation at roughly $976 million plus interest earnings, while the Rays organization would fund the remaining project costs and cover construction overruns.
Hillsborough County would contribute up to $360 million in community investment tax revenue. Tampa would contribute up to $80 million for roads, drainage, utilities and other infrastructure surrounding the site. The deal also includes up to $263 million in tourist-development-tax bonds, $100 million in CRA bonds and another $103 million in county funding sources to be identified later.
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The Rays would separately finance at least $120 million through ticket-surcharge bonds backed by fees on stadium tickets and, potentially, other entertainment venues within the district. The surcharge could not exceed $3.50 a ticket and would not apply to tickets priced below $39.
Under the proposed structure, Hillsborough County would own the stadium property while the Rays Stadium Entity would receive a 35-year operating agreement with five additional three-year extension options. The team would control stadium operations, naming rights, sponsorships, ticket revenue and non-baseball events while remaining responsible for maintenance, repairs, traffic management and security costs.
The project still faces several hurdles before any public money could be released. Those include bond validation, amendments to the Drew Park CRA plan, land-use approvals, financing approvals and confirmation that the Rays can fund their private share.
This story will be updated as more information becomes available.
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