TAMPA, Fla. — The Tampa Bay Rays have responded to local government pushback in a memorandum of understanding drafted by the team in conjunction with the city, the county, the community redevelopment agency and the Tampa Sports Authority on the potential new $2.3 billion stadium and mixed-use development, which officials said won't move forward without serious financial safeguards for taxpayers.
Officials have made it clear they want stricter protections for the proposed $1 billion in public funds before any shovels hit the dirt.
Important points
In their response on April 24, the Rays stated they are confident all construction can be completed by the 2029 season.
We understand the government parties’ concern regarding the timeline for completing the project agreements. At the same time, maintaining momentum is essential to keeping the project on track to open for the 2029 season, which is critical for the success of the project in Tampa Bay. Accordingly, we would like to continue working together toward a May vote on the MOU, with the shared goal of completing the definitive agreements as soon as reasonably possible thereafter. Based on in-depth discussions with potential ballpark contractors, we remain confident that the project schedule can be maintained if the Parties are able to finalize the definitive agreements as soon as possible in order to meet the 2029 season.
Regarding public funding, the Rays want the city and county to confirm how much public funding they will contribute to the new ballpark project and to agree on a plan to close the funding gap. They believe there is a way to keep certain bonds tax-exempt, which would remove a new $60 million shortfall and leave only the original $75 million gap to solve.
The Rays seek confirmation from the City and County on their commitment to public funding amounts contemplated in the April 16, 2026 presentation during BOCC Workshop (reflecting a County contribution of $702 million and a City contribution of $224 million), and seek clarity on how to resolve the public funding shortfall. Prior to April 16, 2026, there was a $75 million shortfall. The April 16, 2026 presentation identified an additional $60 million shortfall based on the assumption that the CIT bonds would be taxable, and reflected that amount as an increase in the CRA Bonds. The Rays do not agree to addressing that additional $60 million shortfall through an increase in the CRA Bonds, because doing so would correspondingly increase the Rays’ payment obligations under the CRA Variable Rent (defined herein) structure. More importantly, the Rays believe the financing should be structured in a manner that preserves the ability for the CIT bonds to remain tax-exempt. As discussed below, and subject to further work with the Parties and financing professionals, the Rays believe there is a viable framework to achieve that result, which would eliminate that additional $60 million shortfall, leaving the Parties to identify a path to bridge the pre-existing $75 million funding gap. While we recognize that certain sources may remain subject to legal, financial, and policy review, the Rays believe the MOU should reflect a clear framework for how the City and County intend to deliver their respective funding contributions so that all Parties can evaluate project feasibility and maintain the schedule necessary for a 2029 opening.
Read the full memorandum below.
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