TAMPA — The Tampa Bay Rays, Hillsborough County and the City of Tampa reached a preliminary agreement on a $2.3 billion ballpark and mixed-use development that officials called the largest project in county history, with a target of Opening Day 2029.

Rays CEO Ken Babby, Hillsborough County Commission Chair Ken Hagan and Tampa Mayor Jane Castor detailed the non-binding memorandum of understanding at a news conference at Old Tampa City Hall. Under the framework, 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.

“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 proposed stadium would sit 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. The Rays’ use agreement at Tropicana Field in St. Petersburg expires after the 2028 season.

Hagan, who said he has been involved in efforts to build a Rays ballpark in Tampa for more than 16 years, called it a “monumental day” in pursuit of a “generational project.” He said he felt “relatively confident” county commissioners would have enough support to advance the MOU when they vote next week. “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,” Hagan said.

Castor praised the collaboration among all parties and pointed to the project’s potential to connect Tampa International Airport, the Westshore district and the sports facilities along Dale Mabry Highway through a revitalized Drew Park neighborhood. “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.”

Castor said the Tampa City Council could also vote on the MOU next week and that it “would be a mistake” to vote against it, calling it a non-binding document outlining the basics of an agreement they can still discuss in greater detail.

Speaking for the new ownership group also led by managing partner Patrick Zalupski and co-chair Bill Cosgrove, Babby said the mixed-use district would generate revenue the club could reinvest on the field, citing the Atlanta Braves and The Battery Atlanta as a model. “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.

Several hurdles remain. Hillsborough College will vote next week on lease agreements with the Rays, and state lawmakers have signaled they are awaiting local agreements before contributing additional funding. “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.”