Representatives of the Tampa Bay Rays have approached Hillsborough College about using a portion of its Dale Mabry campus for a mixed-use development that includes an indoor baseball stadium.

That’s according to the agenda of a special meeting called for Tuesday by the school’s District Board of Trustees.

“After discussions between College staff and Rays representatives, the Rays have asked the College to enter into final, binding agreements for the Project,” the agenda reads. “The Project as proposed would result in a major transformation of many aspects of the Dale Mabry campus.”

The trustees are scheduled to discuss a nonbinding memorandum of understanding (MOU) to outline key terms and conditions for any project agreement.

“The MOU does not require the College to do the Project, and it can be terminated by the Board at any time,” the agenda reads. “If the MOU is approved, the Rays and the College will begin negotiating and drafting Project agreements for the Board’s review approval at a future meeting.”

The agenda also says, “the Rays have included a proposal to reimburse the College for the costs of preparing the final Project agreements.”

There are few other details regarding the meeting other than a recommendation by the college president to approve entering into a discussion with the Rays.

The team’s new ownership has stated it plans to have a new ballpark open by spring 2029 as part of a mixed-use development. Among the criteria announced by new co-owner Patrick Zalupski is a public-private partnership that will build on at least 100 acres of land.

The campus, across Dale Mabry Highway from Raymond James Stadium, matches those parameters.

The Rays envision the fixed-roof stadium as the anchor for a project that would include hotels, retail, restaurants and bars. And perhaps, even the college.

They said the revenue stream from the surrounding development is needed to help finance the stadium, which would cost more than $1 billion.

Zalupski also envisions stadium revenue beyond a regular season of 82 baseball games, with another 150 to 180 events per year, including concerts, festivals and other major gatherings.

The Rays are contracted to play through the 2028 season at Tropicana Field in St. Petersburg, their home since their first season in 1998. However, the previous ownership, led by Stuart Sternberg, had been looking for a new ballpark since purchasing the team in 2004.

Sternberg sold the Rays to a group formed by Zalupski in late September for a reported $1.7 billion. At the time, Zalupski said the first order of business was a new stadium, and the campus site became an early favorite.

Ashley Kritzer, a reporter who has covered the Rays’ stadium search for the Tampa Bay Business Journal, told WUSF’s “Florida Matters Live & Local” the HCC trustees are discussing “potentially a land-swap deal, a conveyance agreement, but it really is just the first step because we still don’t know what the county funding is going to look like.

“We don’t know what, if anything, will be involved at a state level. There may be some infrastructure funding associated because the state does control Hillsborough College.”

Kritzer said one scenario could have the state paying to relocate the campus. It is also possible the college could be part of the stadium development.

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She noted Gov. Ron DeSantis has opposed any subsides for sports arenas. But Zalupski, the owner of Jacksonville-based Dream Finder Homes, has long-standing ties to governor.

“I think the workaround here is that if there is state funding in this deal, it may be used for infrastructure. It may be tied to the relocation of the school,” Kritzer said. “It wouldn’t necessarily be given directly to the Rays.”

The discussion between the team and school comes after Sternberg canceled a deal to build a stadium on the Historic Gas Plant site, where Tropicana Field is located. The deal died after Hurricane Milton ripped off the dome’s fabric roof and the team had to play the 2025 season at Tampa’s Steinbrenner Field.

Tropicana Field is expected to be ready for the start of the 2026 season.

ALSO READ: ALSO READ: Zalupski officially takes over the Rays and the quest for a new Tampa-area ballpark

Meantime, in a recent letter sent to shareholders of Dream Finder Homes, Zalupski said the team won’t interfere with his commitments to the homebuilding company and team, and emphasized the importance of getting a stadium built.

“At a high level, my Dream Finders position will remain my largest equity holding by multiples of my other investments, it is not the primary collateral in my Rays borrowing, and I do not expect to have meaningful stock sales for this investment,” he wrote.

“The goal is for this to be a long-term appreciating asset that will hopefully require limited amounts of my time and resources once we have the new ballpark and development determined. I believe this is a unique opportunity to own a world class asset that will elevate DFH’s profile in the state of Florida and across the country.

“If I did not genuinely believe this purchase would contribute meaningfully to DFH’s long term success I would not have gone through with the acquisition.”

The college trustees meeting is scheduled for 4 p.m. Tuesday in the district administration boardroom on the Dale Mabry campus, at 4115 N. Lois Ave., Tampa.

Steve Newborn covers the environment and politics in the Tampa Bay area for NPR affiliate WUSF. WUSF’s Rick Mayer contributed to this report.