TAMPA, Fla. -- A day after reaching a preliminary agreement on a proposal to build a new ballpark in Tampa, representatives from the Rays, Hillsborough County and the City of Tampa on Friday offered more insight into the process and potential benefits of the stadium plan during a news conference at Old Tampa City Hall.
Rays CEO Ken Babby, Hillsborough County Commission Chair Ken Hagan and Tampa Mayor Jane Castor spoke about the non-binding memorandum of understanding (MOU) that was reached on Thursday, calling the long-term Rays ballpark and mixed-use development a “transformational” opportunity for the entire Tampa Bay area.
“For nearly 20 years, folks have waited for this moment, wondering about where the future of this team would be, and this memorandum of understanding is a monumental step towards securing the future of Major League Baseball right here in Tampa,” Babby said. “We couldn't be prouder.”
The Rays’ MOU with the county and city calls for a $2.3 billion stadium as part of a mixed-use district on the site of Hillsborough College’s Dale Mabry campus, across the street from Raymond James Stadium and next to the Yankees’ George M. Steinbrenner Field.
According to the latest framework of the deal, which has not been finalized, the team would privately finance $1.27 billion plus all cost overruns, while the public contribution would be capped at $976 million: approximately $796 million from the county and $180 million from the city.
If the deal is approved by all the necessary parties, the goal would be to open the ballpark in time for Opening Day in 2029. The Rays’ use agreement at Tropicana Field in St. Petersburg expires after the 2028 season.
Hagan, who noted he has been involved in efforts to build a Rays ballpark in Tampa for more than 16 years, called Friday a “monumental day” in pursuit of a “generational project” that he called the largest development in Hillsborough County history.
County commissioners are scheduled to hold a vote regarding the MOU on Wednesday. Hagan said he felt “relatively confident” there would be enough support to move forward and continue negotiating with the Rays on a definitive agreement.
“I can tell you that this is the closest we've ever been toward reaching an agreement with the Tampa Bay Rays. We still have some work to do, but I can tell you that the MOU … is an enormous milestone.”
Castor described the completion of the MOU as the “first step, and I would say a gigantic step” in the process. She praised the Rays for their transparency throughout the negotiations, said a new campus would be a “new breath of life” for Hillsborough College and pointed to the connective potential of the project, saying a revitalized Drew Park neighborhood could bring together the sports facilities on Dale Mabry Highway along with Tampa International Airport and the nearby Westshore district.
The Tampa City Council could also vote on the MOU next week. Castor said it “would be a mistake” to vote against it, as it’s a non-binding document outlining the basics of an agreement they can still discuss in greater detail.
“There has been a great deal not only of collaboration, but there's been compromise. There’s been compromise on everyone's part, because we are all going towards the same goal -- and we've said this for several years now -- that the Rays belong in Tampa Bay,” Castor said. “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. … It is literally going to be transformational for that area.”
Speaking for the new Rays ownership group also led by managing partner Patrick Zalupski and co-chair Bill Cosgrove, Babby said a mixed-use development like the one the Rays have planned would also benefit the team on the field. The club has used the Braves and The Battery Atlanta as a model, aiming to generate increased revenue that they could funnel back into the team.
“What the Braves have indicated -- and I think it's a good example, (but) it's not the only example -- is that you can create a district that allows the team to be able to reinvest back in winning,” Babby said. “And that's why we all are here. We're all about investing in the community, both publicly and privately.”
There are still hurdles to clear, of course. The college will vote next week on lease agreements with the Rays. State lawmakers have made it clear they’re awaiting local agreements before contributing additional funding. And there’s bound to be further negotiations with the team, county and city before a final agreement is in place.
But Thursday’s announcement and Friday’s gathering were proof that the Rays are at least making progress toward their long-term “Forever Home” in Tampa.
“We are here together today, standing as one, committed to play baseball as the Tampa Bay Rays here in April of 2029,” Babby said. “We couldn't be more honored, couldn't be more proud. And while we still have work to do to bring this over the finish line, Tampa, this is our moment.”