BALTIMORE -- The Rays on Friday released definitive documents outlining an agreement with the city of Tampa and Hillsborough County regarding the construction and financing for their proposed “Forever Home” ballpark as part of a mixed-use district in Tampa on the site of Hillsborough College’s Dale Mabry campus.
The Tampa City Council is set to vote on the deal next Thursday, with Hillsborough County commissioners expected to vote the following day if the City Council approves the agreement.
“Together with Hillsborough County and the City of Tampa, we’ve taken some big steps this year to make a Forever Home for the Rays in our region a reality -- but none bigger than the one we are taking today,” Rays chief executive officer Ken Babby said in a statement. “Today, due to the remarkable determination of many throughout this process, we have definitive documents that will serve as the framework to deliver a new ballpark, a reimagined Hillsborough College campus, and a privately financed neighborhood where we can all work, live, learn, and play.”
The agreement has evolved since the club, city and county announced a non-binding memorandum of understanding (MOU) in May that detailed the costs and plans to build a $2.3 billion ballpark, which the Rays hope will end their long-running search for a long-term ballpark in the Tampa Bay area.
In a social media post, Tampa Mayor Jane Castor called Friday’s news “a historic step forward for Tampa & our entire region.” Castor added that the Rays, the city and the county “have worked incredibly hard to reach a deal that keeps the Rays in Tampa Bay, protects taxpayers and unlocks the potential for transformational development in our city.”
The Rays’ use agreement to play at Tropicana Field in St. Petersburg will expire after the 2028 season. The club has stated its intent to move into a new home by Opening Day 2029, and the documents released Friday set an aggressive timeline that requires work on the site to begin next month so that it can be completed by March 31, 2029.
The documents call for a 35-year initial term and non-relocation commitment, a larger private investment by the Rays, a smaller contribution from the city, no new taxes and protected public safety funding.
The funding structure includes an approximately $1.37 billion investment from the Rays, plus all cost overruns. The county would cover $796 million, and the city would pay $80 million.
The city’s contribution has changed since the structure initially proposed in the MOU, which narrowly won votes of approval from county commissioners (5-2) and the City Council (4-3). The definitive documents replaced the city’s $100 million Community Redevelopment Agency (CRA) contribution with a Community Development District (CDD) that will be privately financed by the Rays.
According to the Rays, a portion of the tax revenue generated by the mixed-use development around the ballpark will be contributed to the CDD and used for public infrastructure, capital expenditures on public-use areas and debt service on the privately placed debt, and property tax revenues will also be shared with the county and city.
“Importantly, this means the project must generate new value before that revenue is available for reinvestment,” the Rays said in a summary of the documents.
“These terms -- if approved -- will deliver exceptional benefits and protections to the community well above and beyond the initial memorandum of understanding, thanks to the officials and staffs at Hillsborough County and the City of Tampa,” Babby said in a statement. “The Rays are grateful for their diligence over the past nine months, and especially thankful for their ideas and feedback.
“It’s the kind of community leadership we should all applaud and appreciate. We listened, and the result of our collaboration is a deal that improved each week for the public, is fair for all involved, and supports our goals.”
After purchasing the team from former principal owner Stuart Sternberg late last year, the Rays’ new ownership group led by managing partner Patrick Zalupski, co-chair Bill Cosgrove and CEO Babby moved quickly to pursue a new ballpark development on the site of Hillsborough College’s Dale Mabry campus.
The plan received support from Florida Gov. Ron DeSantis and MLB Commissioner Rob Manfred. The Rays have since revealed renderings that offer looks inside the planned ballpark, other uses it might serve beyond baseball and some aspects of the surrounding development, which would include a revamped Hillsborough College campus as well as office space, retail, entertainment, dining, hotel and residential offerings and public spaces.
“We will continue to have discussions with stakeholders as we look forward to the upcoming votes by the Hillsborough County Commission and Tampa City Council that will determine the outcome of our collective efforts,” Babby said. “The commitment by the Tampa Bay Rays to this lifetime opportunity is absolute, with record private investment and guarantees that will secure the future of Major League Baseball for our region and leave no doubt that Tampa Bay is a world-class destination by any measure.”