TAMPA — The Tampa Bay Rays released definitive documents Friday outlining a $2.3 billion ballpark and mixed-use district deal with the city of Tampa and Hillsborough County, setting the stage for critical votes that could determine whether Major League Baseball stays in the region long-term.
The Tampa City Council is set to vote on the agreement next Thursday, with Hillsborough County commissioners expected to vote the following day. The deal calls for the Rays to invest approximately $1.37 billion — plus all cost overruns — while the county would cover $796 million and the city $80 million. The documents specify a 35-year initial term and non-relocation commitment.
“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.”
Tampa Mayor Jane Castor called the release “a historic step forward for Tampa & our entire region,” adding 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 financing structure has shifted since a non-binding memorandum of understanding announced in May, which narrowly won approval from county commissioners 5-2 and the City Council 4-3. The city’s contribution dropped from $100 million under the original MOU to $80 million after the definitive documents replaced the city’s Community Redevelopment Agency contribution with a Community Development District that will be privately financed by the Rays. A portion of tax revenue generated by the surrounding mixed-use development would flow to the CDD for public infrastructure and debt service. “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.
The proposed ballpark would rise on the site of Hillsborough College’s Dale Mabry campus in Tampa. The Rays’ use agreement at Tropicana Field in St. Petersburg expires after the 2028 season, and the club has stated its intent to move into the new facility by Opening Day 2029 — a March 31, 2029, deadline that requires construction to begin next month. The surrounding development would include a revamped Hillsborough College campus, office space, retail, entertainment, dining, hotel and residential offerings and public spaces. The plan has received support from Gov. Ron DeSantis and MLB Commissioner Rob Manfred.
The new ownership group, which purchased the team from former principal owner Stuart Sternberg late last year, is led by managing partner Patrick Zalupski, co-chair Bill Cosgrove and CEO Babby. “These terms – if approved – will deliver exceptional benefits and protections to the community well above and beyond the initial memorandum of understanding,” 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.”
The Tampa City Council vote next Thursday will be the first formal test of the revised deal.