County approves non-binding memorandum for Rays' new ballpark proposal

ST. PETERSBURG -- The Hillsborough County commission voted, 5-2, on Wednesday to approve a non-binding memorandum of understanding between the Rays and the county on a proposal for a new, $2.3 billion ballpark on the site of Hillsborough College’s Dale Mabry campus in Tampa.

The team, county and City of Tampa reached the preliminary agreement last Thursday and celebrated the “transformational” opportunity on Friday.

The Tampa City Council is scheduled to vote on the MOU on Thursday. While no deal has been finalized, the three sides can move forward and continue negotiating toward definitive agreements if the city approves the MOU.

According to the framework of the deal outlined in the lMOU, the Rays would privately finance $1.27 billion plus all cost overruns during the construction of the ballpark, and the public contribution would be capped at $976 million: approximately $796 million from the county and $180 million from the city.

The Rays have been aiming to open their “Forever Home” stadium in time for Opening Day in 2029. Their use agreement at Tropicana Field expires after the ‘28 season.

“We are grateful to the Hillsborough County Board of County Commissioners for its approval of the non-binding Memorandum of Understanding that authorizes staff to continue working with the Rays toward a definitive agreement that keeps this project, and Tampa Bay, moving forward,” Rays CEO Ken Babby said in a statement. “The Rays believe deeply in the power of a new ballpark, a reinvented Hillsborough College, and a privately financed mixed-use neighborhood that will positively shape our region well into the future.

“Today’s affirmative vote is excellent news for our community, but it is only the first of several crucial steps this week to keep the project on track and ultimately make it all come to life. For that, we are indebted to the Hillsborough County Board of County Commissioners and its staff for their diligence and commitment to serving the best interests of Tampa Bay, and we look forward to continued negotiations in our mutual goal to deliver an agreement that is fair and beneficial to all.”