TAMPA, Fla. — The city of Tampa and Hillsborough County have reached a tentative agreement on a plan to fund a portion of the Tampa Bay Rays’ proposed $2.3 billion stadium, Tampa Mayor Jane Castor said on Friday.
The agreement still needs an official vote from both the Tampa City Council, which is set for Thursday, Aug. 27, and Hillsborough County Commission, which is set for Friday, Aug. 28.
“Today marks a historic step forward for Tampa and our entire region. The Tampa Bay Rays, the City of Tampa and Hillsborough County have worked incredibly hard to reach a deal that keeps the Rays in Tampa Bay, protects taxpayers and unlocks the potential for transformational development in the heart of our city,” Castor said in a statement on social media.
Tampa Bay Rays CEO Ken Babby released a statement, saying he believes the deal is “fair for all involved,” adding that the agreement “includes increased private investment from the Rays, a reduced public contribution from the MOU, cost overrun protections, no new taxes, protected public safety funding, and a 35-year non-relocation commitment.”
“These terms – if approved – will deliver exceptional benefits and protections to the community well above and beyond the initial memorandum of understanding, thanks to the officials and staffs at Hillsborough County and the City of Tampa,” Babby said in his statement. ”The Rays are grateful for their diligence over the past nine months, and especially thankful for their ideas and feedback. It’s the kind of community leadership we should all applaud and appreciate. We listened, and the result of our collaboration is a deal that improved each week for the public, is fair for all involved, and supports our goals.”
The team has said it needs an agreement in place by the end of August to stay on track for a September groundbreaking and a planned 2029 opening for the $2.3 billion stadium.