TAMPA, Fla. — The Tampa Bay Rays and Hillsborough College are set to sign a nonbinding memorandum of understanding (MOU) to redevelop the college's 113-acre Dale Mabry campus into a mixed-use district featuring a new Major League Baseball stadium, new educational facilities and commercial development.
Tampa Bay 28 received a copy of the agreement ahead of Tuesday afternoon’s District Board of Trustees meeting.
47192734-HC MOU (DRAFT) by Tampa Bay 28
The agreement calls for the college to lease most of the property, bounded by West Dr. Martin Luther King Jr. Boulevard, North Lois Avenue, West Tampa Bay Boulevard and North Dale Mabry Highway, to the Rays for at least 99 years.
The MOU says, "Hillsborough College and the Rays will negotiate in good faith to agree on an ownership and financing structure and the conditions precedent for the contribution of the Property by HC."
It also reads, "HC would be responsible for the construction and completion of the HC Facilities on the College District. Any construction by the Rays relating to the Stadium Development or the Mixed-Use Development, including demolition of the current HC facilities and construction of Temporary Facilities, shall be done in a manner so as to minimize interference with HC’s operations and activities."
The college would be responsible for the construction and upkeep of new facilities in a "College District" on the southwest corner fronting Lois Avenue, where the school would retain full control.
The Rays would develop the stadium along with hotels, retail, restaurants, multifamily housing, and sports facilities.
The project would be governed by covenants barring competing educational uses, adult entertainment, gambling, and other restricted activities to protect the college's reputation.
The MOU grants the Rays 180 days of exclusivity for negotiations toward binding agreements, with conditions including securing entitlements, financing, MLB approvals, and resolution of deed restrictions.
Rays CEO Ken Babby has pledged a 2029 opening as part of a public-private partnership.
WATCH: Hillsborough College students react to potential Rays move before board meeting
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