Why It Matters
Florida’s Hillsborough County and the city of Tampa have reached a nonbinding agreement with the Tampa Bay Rays on a framework for a new Major League Baseball stadium, a deal that officials say could reshape one of Tampa’s most stagnant redevelopment corridors and determine whether the franchise remains in the region long-term.
What Happened
Tampa Mayor Jane Castor, Hillsborough County Commission Chair Ken Hagan, and Rays CEO Ken Babby appeared together at Tampa City Hall on Friday to announce a memorandum of understanding (MOU) for a new ballpark at Hillsborough College’s Dale Mabry campus. The announcement came one day after county and city officials privately agreed on the terms of a public funding commitment.
The MOU is nonbinding and does not finalize the stadium arrangement. Both the city and county governments are scheduled to hold official votes on the framework in the coming days, a step that would move all three parties into a deeper phase of formal negotiations. Hillsborough College is also expected to hold what Babby called a critical vote on lease terms next week.
Hagan, who has worked on the Rays’ stadium question for more than 16 years, described the current framework as the nearest local officials have come to a workable agreement with the team. “Today is a monumental day,” Hagan said, calling the project “the largest development in Hillsborough County’s history.”
By the Numbers
The proposed public funding commitment is capped at $976 million, split between Hillsborough County and Tampa. The county’s share totals $796 million, drawn from multiple revenue streams including $360 million in community investment tax revenue, $262 million in tourist development tax funds, $40 million from a sixth-cent TDT reserve, and $30 million in federal Community Development Block Grant disaster recovery dollars, with the remainder at the county’s discretion.
Tampa’s $180 million share combines $80 million in city revenues with $100 million from the Community Redevelopment Agency tied to surrounding development. The Rays would be responsible for all stadium costs beyond the public cap, including any cost overruns.
The team projects the development will generate a $55 billion economic return to the region over time, along with nearly 12,000 jobs. The Rays have set a target opening date of the 2029 MLB season and are pressing local governments to approve the MOU before June 1 in order to preserve that timeline.
Broader Significance
Beyond the ballpark itself, officials framed the agreement as a catalyst for the wider Drew Park redevelopment area, which Castor noted has lagged behind other parts of Tampa in attracting new investment. The stadium district is envisioned as a link connecting Raymond James Stadium, Steinbrenner Field, the Westshore business corridor, and Tampa International Airport.
The Dale Mabry campus of Hillsborough College stands to benefit from infrastructure upgrades and renewed activity, with Castor acknowledging the facility has grown dated. Babby emphasized that a community benefits agreement tied to the project would be the largest in Tampa’s history, though specific terms were not detailed at the announcement.
The agreement also ends — at least for now — the uncertainty created when an earlier plan to build at St. Petersburg’s Historic Gas Plant District collapsed, prompting the Rays to redirect their focus to Tampa. The Dale Mabry location offers logistical advantages, including proximity to major highway access and the region’s corporate base.
The project has drawn state-level attention as well. Florida’s broader economic development priorities, including those championed by Governor Ron DeSantis, have been part of ongoing budget debates between the House and Senate this session, and large-scale public-private development deals typically require alignment across state and local funding mechanisms.
What’s Next
City and county governing bodies will each consider the MOU at separate meetings next week. Approval would not finalize the deal but would authorize continued negotiations toward what Hagan described as “six or seven definitive documents” required to complete a binding agreement. Hillsborough College’s vote on lease terms is also expected in the same window.
Local officials and the civic community watching the process will be closely tracking whether the framework survives those votes intact. The Rays have made clear that a June 1 deadline is necessary to keep a 2029 opening realistic, giving decision-makers a narrow window to act.