TAMPA, Fla. — After weeks of tense negotiations over a proposed new stadium for the Tampa Bay Rays, city and county leaders, along with the team, say they have reached an agreement to keep the project moving forward.
A newly negotiated memorandum of understanding, or MOU, has been reached between Hillsborough County, the City of Tampa, and the Rays organization.
WATCH: Rays stadium deal takes major step forward, but hurdles remain
The agreement is non-binding and still must be approved by the Hillsborough County Commission, Tampa City Council and the city’s Community Redevelopment Agency board before any final stadium deal can move forward.
The proposed project would bring a new 31,000-seat ballpark and a massive mixed-use development to the Dale Mabry campus of Hillsborough College.
According to the MOU, the overall project is expected to cost roughly $2.3 billion, including nearly $1 billion in public investment.
The document outlines how the public contribution would be divided between multiple government entities, with Hillsborough County expected to provide the majority of the funding through community investment tax revenues, tourism tax revenues, and other county funding sources. The City of Tampa would contribute a smaller share through community investment tax dollars and redevelopment funding.
The MOU also states:
- The county would own the stadium.
- The Rays would be responsible for operating and maintaining the facility.
- The Rays would also be responsible for project cost overruns.
- The agreement is structured so the Rays’ contribution cannot be less than the public contribution.
The MOU additionally says the intent is for the public funding not to impact money already allocated for infrastructure and public safety projects.
In a statement Thursday, Rays CEO Ken Babby urged local leaders to approve the agreement.
“The Rays respectfully but resolutely encourage Hillsborough County and the City of Tampa to approve the MOU and make possible a Forever Home for our community’s Tampa Bay Rays,” Babby said.
The Tampa Bay Rays are delighted to announce that we have reached a Memorandum of Understanding on a new ballpark proposal, working alongside staff at Hillsborough County and the City of Tampa. We are extremely grateful for the commitment and spirit of partnership demonstrated by all parties throughout this important process and occasion for our community.
The Rays respectfully but resolutely encourage Hillsborough County and the City of Tampa to approve the MOU and make possible a Forever Home for our community’s Tampa Bay Rays, breathe new life into the Dale Mabry Campus of Hillsborough College, and create a new privately financed neighborhood that will be an inviting and inclusive destination to work, live, learn, and play.
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. We have accomplished that important and unconditional goal. This is a rare and perhaps unprecedented moment for Tampa Bay. The Tampa Bay Rays are all in on this opportunity and look forward to working with officials in the days ahead to bring this project to life.
Despite the progress, major hurdles still remain before any stadium project becomes reality, including final financing agreements, bond validation, land-use approvals and formal votes by elected leaders.
Some of those votes could happen as soon as next week.
The Rays have said they are hoping for a decision before June 1, so the project can stay on schedule and allow for a 2029 opening.
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