Tampa Bay Rays, local officials take victory lap on new ballpark agreement

The Tampa Bay Rays and local officials took a public victory lap after agreeing to a nonbinding memorandum of understanding (MOU) for a new ballpark at Hillsborough College’s Dale Mabry campus.

The pitch was bigger than baseball. Standing together at Tampa City Hall, Mayor Jane Castor, Hillsborough County Commission Chair Ken Hagan and Rays CEO Ken Babby said the agreement is a turning point for a project that would keep Major League Baseball in Tampa Bay, remake a lagging Drew Park redevelopment area and breathe new life into Hillsborough College’s aging Dale Mabry campus..

The city and county governments will officially consider the MOU during meetings next week, a step that would not finalize the stadium deal, but would move Tampa, Hillsborough County and the Rays into the next phase of negotiations. 

Hagan, who has worked on the Rays stadium issue for more than 16 years, said the latest framework is the closest local officials have ever come to reaching an agreement with the team.

“Today is a monumental day in our efforts to not only secure a forever home for the Tampa Bay Rays, but to also finalize an agreement on a generational project that will be the largest development in Hillsborough County’s history,” Hagan said.

The press conference came one day after county and city officials agreed behind closed doors to commit up to $976 million in local public funding toward the ballpark and mixed-use district.

Under the framework released Thursday, Hillsborough County would contribute $796 million and Tampa would add $180 million combined from the city of Tampa and its Community Redevelopment Agency (CRA_. The public contribution would be capped at $976 million, while the Rays would be responsible for the remaining stadium costs and overruns.

The county’s share would include $360 million in community investment tax (CIT) revenue, $262 million in tourist development tax (TDT) funds, a $40 million sixth-cent TDT reserve payment, $30 million in Community Development Block Grant Disaster Recovery funds and $103 million from other sources left to the county’s discretion.

Tampa’s share would include $80 million from city revenues and $100 million from CRA funds tied to the surrounding development.

“This is a complex agreement, with many short- and long-term issues that warrant careful consideration,” Hagan said. 

For the Rays, the agreement represents the most significant local breakthrough since new ownership began pushing for a Tampa ballpark to replace Tropicana Field in St. Petersburg.

Babby said the MOU marks a “monumental step” for the team’s future in Tampa Bay.

“The theme of this process has been partnership,” Babby said. “The energy, the trust, the responsibility on all of our shoulders to reach the right agreement. There’s been a great deal of give and take on all sides to reach compromise on an agreement that’s fair. We’ve always said it must be a fair public-private partnership.”

Babby said the deal is a regional investment rather than a stand-alone stadium subsidy. He highlighted team projections of a $55 billion economic return to the region, nearly 12,000 new jobs and a community benefits agreement that he said would be the largest in Tampa’s history.

“We’re making investments in all of the areas that matter way beyond baseball,” Babby said.

Castor said the Drew Park CRA has not seen the same level of growth as other parts of Tampa, and that the project could become a catalyst for a larger transformation around the stadium district, Westshore and the airport.

“This not only is great for the Tampa Bay region and for baseball in our community, but it’s great for that particular area in the city of Tampa,” Castor said. “Many of you know, it’s a CRA with the Drew Park area, and there just hasn’t been a great deal of growth in that area. Now we have a project that will be transformational for that particular area. It’s not only going to bring together the sports stadiums, but it’s also going to connect to the Westshore and to the airport.”

Castor also said the project gives Hillsborough College’s Dale Mabry campus an opportunity to revamp.

“Anybody that has been to that facility in a while knows that it needs a new breath of life,” Castor said.

The college will also have a major role in whether the deal advances. Babby said Hillsborough College is expected to take what he called a “monumental vote” next week on lease agreements with the team.

The Rays have pushed local governments to approve the MOU before June 1, saying the team needs a framework in place this month to preserve its goal of opening the new stadium by the 2029 Major League Baseball season. 

The timeline has added urgency to a stadium debate that has stretched across decades, two counties and multiple failed plans.

The Rays previously appeared headed toward a new ballpark in St. Petersburg as part of the Historic Gas Plant District redevelopment before that deal collapsed. The team then shifted attention to Tampa, where the Dale Mabry site offers proximity to Raymond James Stadium, Steinbrenner Field, major highways and a larger share of the region’s corporate base.

Despite the revelry, the MOU’s approval does not finalize the stadium agreement. Hagan said the framework is meant to address unresolved issues and lead to the “six or seven definitive documents” that would ultimately make up the full agreement.

Those documents are expected to govern the team’s long-term commitment to the market, construction obligations, public financing, campus redevelopment, community benefits, guarantees tied to the surrounding development and the conditions under which public money would be released and other matters.

Local officials have generally voiced support for keeping the Rays in Tampa Bay, but they have not been united on how much public risk should come with that goal. Critics have raised concerns about bonding future CIT revenue, using reserves, and relying on projected tax growth from a proposed entertainment district that has not yet been built.

Gov. Ron DeSantis has said he supports the Tampa site and believes the MLB wants the Rays to stay in Florida, but he has drawn a firm line against direct state funding for the stadium itself. He does support state involvement in transportation, infrastructure and Hillsborough College improvements tied to the project while also serving the public.

That distinction could matter as lawmakers continue negotiating the state budget in Special Session.

The Senate backed a $50 million request from Hillsborough College earlier this year, though the House did not include the money in its budget plan. Senate Appropriations Chair Ed Hooper has urged caution on state funding while local officials work through the stadium deal, but sources familiar with the process have said the funding remains in play through the Public Education Capital Outlay process. Other media have cited team communications indicating the ask could have ballooned up to $150 million citing team documents, but the PECO report has not yet been published.

DeSantis has also pointed to Orlando and other markets as potential suitors if Tampa Bay fails to land a deal, adding pressure to a local debate.

Next week, local officials will decide whether the framework celebrated Friday is enough to keep the Rays’ latest stadium push moving toward a new home base in Tampa.