Photo Credit: DRaysBay
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The City of Tampa and Hillsborough County have reached a major agreement. The deal creates a framework for a new Tampa Bay Rays ballpark. The proposed project carries a price tag of roughly $2.36 billion. It would rise on Hillsborough Community College’s Dale Mabry campus. However, the project involves much more than a baseball stadium. Plans call for a large mixed-use district surrounding the new ballpark.
The agreement puts months of negotiations into a more detailed framework. It also outlines how Tampa, Hillsborough County and the Rays would share responsibilities. The definitive agreements became public Friday, August 21. Tampa and Hillsborough officials still need to approve the agreements.
A New Home for the Rays
The proposed ballpark would anchor the redevelopment of the Dale Mabry campus. The Rays envision a district built around baseball, education, housing and business. The development could include up to 8 million square feet. That space would support office, retail, hospitality and other mixed-use projects.
The broader development would cover roughly 120 acres. The project could also transform the surrounding infrastructure and public spaces. The Rays’ economic analysis projects significant long-term benefits. Those projections include 11,900 permanent jobs and $55.5 billion in economic impact. The team also expects the district to attract millions of visitors. Those visitors would come for baseball and other entertainment opportunities.
Tampa Reduces Its Contribution
One of the biggest changes involves Tampa’s financial commitment. The earlier memorandum of understanding called for Tampa and its CRA to contribute $180 million. The new agreement cuts Tampa’s direct contribution to $80 million. Tampa would provide that money through four $20 million installments. Those payments would begin in 2027.
The city has not committed Community Investment Tax money for those payments. Instead, the agreement allows legally available city revenues to fund the contribution. The county would contribute up to $796 million. That brings the direct city and county contribution to roughly $876 million. The Rays would cover the remaining project costs. They would also assume responsibility for cost overruns.
Hillsborough County’s Role
Hillsborough County’s contribution would come from several funding sources. Those sources include Tourist Development Tax revenue and Community Investment Tax dollars. County funding would also include other county resources. The county’s package includes roughly $303 million from Tourist Development Tax funding. That figure includes approximately $263 million in bonds.
Another $360 million would come through county Community Investment Tax dollars. The county would provide that money through four $90 million installments. The county would also provide approximately $103 million through other funds. Federal disaster-recovery reimbursements could add another $30 million. The agreement includes conditions tied to certain transportation improvements. Those conditions could reduce the county’s contribution under specific circumstances.
Rays Take the Cost Overrun Risk
The agreement gives taxpayers important protection. The Rays would remain responsible for project costs above the public funding commitments. That includes cost overruns connected to construction. The team would also assume responsibility for design and construction defects. Public dollars would flow through a construction trust.
The Rays must also demonstrate that their financing stands ready. That requirement comes before public construction money can reach the project. The agreement also gives Tampa and Hillsborough County auditing rights. Those protections aim to provide greater accountability throughout construction. Additionally, the agreement includes a non-relocation provision. The Rays generally could not relocate outside Hillsborough County during the agreement’s initial term.
A Different Approach to Tampa’s Funding
The final agreement also changes how Tampa would handle future development revenue. Officials moved away from the earlier proposal involving a direct Drew Park CRA contribution. Instead, the new framework uses tax-increment financing. Future property-tax growth from the redevelopment could support public infrastructure. A new Community Development District would play a role in that financing structure.
The district would focus its financing on public infrastructure. Officials say the structure provides additional protections for taxpayers. The agreement also changes several CRA arrangements. Tampa would remove the stadium property from the Drew Park CRA. The city would also reduce future Downtown CRA contributions. However, existing debt and other obligations would remain protected.
Hillsborough College Stays at the Center
Hillsborough Community College would play a major role in the redevelopment. The plan calls for a reimagined Dale Mabry campus. The goal involves creating a modern environment for students and employers. The Rays have highlighted potential internships and employment opportunities. Those opportunities could connect students with baseball and surrounding businesses.
Several academic programs could benefit from the development. Those areas include business, marketing, information technology and cybersecurity. Culinary arts, hospitality and event management could also benefit. Sports medicine programs could gain additional opportunities through the project. That connection makes the proposal different from a traditional stadium development. It would combine education, entertainment, housing and business within one district.
What Happens Next?
The agreement still needs approval from Tampa and Hillsborough County. Tampa City Council plans to consider the agreement on August 27. The Tampa Community Redevelopment Agency also has scheduled action that day. Hillsborough County commissioners could consider their portion shortly afterward. Those votes represent major milestones for the proposed stadium.
However, approval would not complete the entire process. Additional steps would follow before construction could begin. Those steps include CRA changes and development district approvals. Officials would also need to complete tax-increment financing actions. The current framework targets a 2029 opening for the new ballpark. That timeline still depends on approvals and additional development work.
More Than Baseball
The Rays’ proposed stadium represents a major decision for Tampa Bay. The project would give the Rays a potential long-term home in Tampa. At the same time, it would reshape a major section of the city. The mixed-use district could bring new housing, jobs and entertainment. Hillsborough College would also receive a major opportunity to modernize its campus. Meanwhile, taxpayers would receive protections through capped public contributions.
The Rays would also carry the project’s construction overrun risk. Still, elected officials must approve the deal before it moves forward. Therefore, the next several weeks could prove crucial. For now, Tampa and Hillsborough County have placed the framework on paper. The next challenge involves turning that agreement into final approvals. If those votes succeed, the Rays’ long-discussed Tampa stadium vision could move closer to reality.
Author Profile
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Bradley Walker (VP) and Head of our Florida operations for NGSC Sports, bringing extensive experience across collegiate, professional, and amateur athletics. His coverage spans USF Athletics, including football, baseball, lacrosse, and softball, as well as University of Tampa baseball.
Bradley also provides coverage of minor league baseball with the Clearwater Threshers and Major League Baseball with the Tampa Bay Rays. On the national stage, he covers college football bowl games and conference championship matchups, along with premier golf events across the PGA Tour, LIV Golf, and LPGA Tour.
In addition to his reporting work, Bradley is the play-by-play announcer for Pinellas Park High School Patriots football, lending his voice and insight to Friday night lights.
He is also an active podcast host and contributor, serving as a host on The Walker Report, where he delivers in-depth sports analysis, interviews, and coverage across multiple levels of competition.
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