The Rays have taken another significant step toward finally getting a long-awaited ballpark, and the financial parameters around a proposed $2.3 billion ballpark are becoming more clear.
Four months after first detailing plans for a domed stadium and mixed-use development on Hillsborough College’s Dale Mabry Campus in Tampa, the club has reached a non-binding memorandum of understanding with city and county officials.
The agreement between the Rays, Hillsborough County, and city of Tampa contains several key elements, including:
At least $1.3 billion in funding from the Rays, including all cost overruns. The mixed-use development element of the project, inspired in part by The Battery in Atlanta, would also be privately funded.
A $796 million contribution from Hillsborough County. That share would be split between a community investment tax (CIT), a tourist development tax (TDT), and prior reserves from those TDT funds, as well as $103 million from unspecified “additional county resources from various sources” at the county’s discretion.
