TAMPA — The Tampa Bay Rays cleared two critical political hurdles this week as both Hillsborough County and the City of Tampa narrowly approved a non-binding deal for a $2.3 billion ballpark, though the slim vote margins signal the public financing package will face continued scrutiny as negotiations move toward a final agreement.
The Hillsborough County commission voted 5-2 to approve a memorandum of understanding, followed by a 4-3 Tampa City Council vote after an hourslong meeting at Tampa’s Old City Hall. Under the framework, the Rays would privately finance $1.27 billion plus all construction cost overruns, while the public contribution would be capped at $976 million — approximately $796 million from the county and $180 million from the city.
“The Tampa City Council today sent a strong and positive message to our community by approving the non-binding Memorandum of Understanding and saying ‘yes’ to a Forever Home ballpark and the generational transformation for Tampa Bay that will follow,” Rays CEO Ken Babby said in a statement. “We appreciate the thoughtful engagement with City Council members and staff throughout this process, which from the start was focused on one common goal – arrive at an agreement that is smart, fair and a win for everyone.”
The proposed stadium would be built on the site of Hillsborough College’s Dale Mabry campus. The Hillsborough College Board of Trustees voted unanimously to approve a ground lease with the Rays for the area, which would include the ballpark, a mixed-use district and a redeveloped campus. “[The] unanimous vote by the Hillsborough College Board of Trustees to approve the ground lease with the Tampa Bay Rays unlocks the door for the college’s 46,000 students to access meaningful career pathways and real-world workforce opportunities with world-class organizations and businesses, while transforming the Dale Mabry campus with brand new, modern facilities,” Babby said, crediting the leadership of Dr. Atwater and the Board of Trustees.
“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,” Babby said after the county’s vote. “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.”
The Rays’ use agreement at Tropicana Field in St. Petersburg expires after the ‘28 season. The team has been aiming to open its “Forever Home” stadium in time for Opening Day in 2029. “From the beginning, this project has been about much more than a ballpark,” Babby said.
With the non-binding memorandum now approved by all three parties, the Rays, Hillsborough County and the City of Tampa will move into negotiations on definitive agreements that would lock in the financing terms and construction timeline for the 2029 target opening.