TAMPA — The Tampa Bay Rays and Hillsborough County have agreed to preliminary terms of a deal on a new Tampa Bay Rays stadium.
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It’s what’s called a memo of understanding, basically saying there is a deal but that nothing about it is binding yet.
County Commissioner Joshua Wostal confirmed to Spectrum News on Thursday that the memo of understanding is in place.
It sets the terms for how much money the county would contribute to the stadium — a public-private partnership between the team, Hillsborough County and Tampa.
If the document is approved quickly, then it would meet the Rays June 1 deadline which the team set in order to open a stadium by 2029.
The county had previously said it wouldn’t hit that mark.
The Rays have said they will cover just over half the cost of the $2.3 billion stadium.
They are hoping the rest will be covered by public funds.
Next week, Hillsborough College will hold a vote on a ground lease for the Tampa Bay Rays. The college approved a non-binding memorandum in January.
Since then, the two sides have been negotiating the lease.
Details of the lease were not included in next week’s agenda.
The county and City of Tampa are also scheduled to hold meetings next week.
The state may also funnel some money to the effort, but that money would focus more on impact around a new stadium. It would not pay for the build.
TAKE A LOOK AT THE RENDERINGS:
Rendering provided by the Rays of a revamped HC Dale Mabry campus. (Courtesy of Tampa Bay Rays)
Rendering provided by the Rays of a revamped HC Dale Mabry campus. (Courtesy of Tampa Bay Rays)
Rendering provided by the Rays of a revamped HC Dale Mabry campus. (Courtesy of Tampa Bay Rays)