The Tampa Bay Rays may finally have a framework in place for a new stadium deal in Tampa, but the project now enters its most difficult phase as Hillsborough County commissioners and Tampa City Council members prepare to decide how much public money they are willing to commit to keep the franchise in the region.
The Rays announced Thursday that the organization reached a memorandum of understanding with representatives from Hillsborough County and the City of Tampa on a proposed ballpark development tied to Hillsborough Community College’s Dale Mabry campus. The proposal combines a new stadium with a larger mixed-use district that would include residential, commercial and entertainment development.
The agreement still requires formal approval from elected officials before negotiations can move into binding agreements, and county officials have warned that major financial, legal and structural questions remain unresolved as local governments move closer to potential public votes.
During an April workshop, Hillsborough County staff told commissioners the draft memorandum of understanding had not been finalized and that several major issues remained unresolved between the county and the Rays.
County officials also warned that the public funding request tied to the project would exceed comparable requests made to local governments for professional sports facilities elsewhere.
The current framework calls for at least $1.235 billion from the Rays ownership group, while public participation could reach roughly $1.065 billion through a combination of tourist taxes, redevelopment revenues and other public sources.
County financial officials also said the Rays have pushed for most or all public funding to be available during construction rather than through a reimbursement structure tied to completed milestones, raising concerns among some commissioners about taxpayer exposure if the project encounters delays or financial problems.
Read the latest Tampa news and updates
Several commissioners questioned whether taxpayers would assume too much upfront risk without stronger guarantees tied to ownership financing, long-term protections and independently verified economic assumptions.
County staff also acknowledged that verification of the Rays ownership group’s financial capacity remains unresolved.
The project’s economic projections drew additional scrutiny after county consultant Aecom acknowledged portions of its analysis relied heavily on assumptions because the Rays had not yet provided detailed site plans for the broader district.
Aecom nevertheless projected the district could generate as much as $63 billion in direct economic impact over 30 years and roughly $75 billion when indirect activity is included. Some commissioners questioned whether too many variables remained unresolved to fully rely on those projections.
Commissioners also raised concerns about whether affordable housing components, land lease structures and tax-exempt portions of the project could reduce projected property tax revenues compared to earlier estimates.
The Rays sought Thursday to address some of those political concerns by emphasizing that the proposal would not redirect funding already committed to police, fire or emergency services.
“Paramount for the Tampa Bay Rays in this process was to arrive at an MOU that protects all public funding currently allocated for police, fire, emergency management or response functions, or other previously committed public safety or service priorities,” Rays Chief Executive Officer Ken Babby said in a statement. “We have accomplished that important and unconditional goal.”
Babby said the project would redevelop the Dale Mabry campus area into a mixed-use district centered around a permanent home for the Rays.
“The Rays respectfully but resolutely encourage Hillsborough County and the City of Tampa to approve the MOU,” Babby said.
Neither the Rays nor local governments released detailed financing terms, final public contribution amounts or construction schedules Thursday, while county officials cautioned that the proposed April 2029 opening timeline remains highly aggressive given the amount of financial analysis, legal review and public approvals still ahead.
County commissioners previously said final support for the project will depend on whether unresolved questions surrounding financing, legal authority and long-term public benefit can be answered before binding agreements come forward for approval.
After years of stalled stadium proposals across Tampa Bay, the debate is no longer centered on whether the Rays want to remain in the region. The political fight now turns on whether elected officials believe the project’s economics and taxpayer protections justify what county officials themselves described as an unprecedented public funding request.
Read More Tampa Bay Business News
Explore the latest Tampa Bay business news, real estate deals, development projects, executive moves and company updates shaping the region.