A revised Tampa Bay Rays stadium deal headed to Hillsborough County Commissioners Friday contains several changes from documents released last week, and they appear to make the agreement more favorable to the city and county.

The most consequential change would allow Hillsborough County and Tampa to keep a larger share of future property tax growth captured through the proposed tax increment financing (TIF) structure around the ballpark. Other revisions more clearly protect Tampa’s separate $80 million contribution and spell out safeguards around public funding.

But the new county agenda package also offers a look at what the future has in store, including another potential funding request from the Rays for tourist-tax dollars and future public commitments for ballpark capital repairs that are not part of the current deal.

Those details are part of the 184-page package Commissioners will consider Friday as they weigh the public funding agreements underpinning the proposed $2.36 billion Rays ballpark and surrounding redevelopment.

TIF math changes

Changes to the TIF formula would let Hillsborough County and Tampa keep more of the future property tax growth generated around the ballpark instead of sending as much of it toward the development’s financing.

A portion of that new tax revenue would be directed to a proposed community development district (CDD), which could use the money to repay debt and fund roads, utilities, stormwater systems, parking and other eligible public improvements tied to the ballpark and surrounding development.

Under last week’s version, once taxable value in the district crossed certain thresholds, the higher percentage applied to all of the tax growth. If taxable value exceeded $650 million, for example, 85% would have flowed to the CDD, while Hillsborough County and Tampa would retain the remainder.

The revised agreement changes that calculation.

The CDD would receive 30% of the tax growth on the first $350 million in taxable value, 50% on value between $350 million and $650 million, and 85% only on value above $650 million. Hillsborough County and Tampa would keep the balance within each range.

That means reaching the highest threshold would no longer send 85% of all the district’s tax growth to the CDD, instead the local governments would keep a bigger slice of the pie.

County commitment has an escape valve

Hillsborough County’s commitment remains largely unchanged, but there is a notable stipulation meant to protect funding for a major road project.

The County’s contribution is still capped at about $796 million, including $360 million from the Community Investment Tax (CIT), roughly $303 million through tourist development tax-backed bonds and reserves, $103 million from other County funds and $30 million in federal disaster recovery money earmarked for stormwater improvements.

But there is a potentially significant way for Hillsborough to reduce that tab, if necessary.

If Florida fails to provide the full $100 million it has pledged for improvements and safety enhancements along Lithia Pinecrest Road by Dec. 31, 2031, the county may reduce its $360 million CIT contribution by an equivalent amount. The agreement even allows the county to be refunded or reimbursed for corresponding amounts it already contributed.

That road commitment is separate from the ballpark, but it comes as the state has taken a supporting role in the Dale Mabry redevelopment that stops short of directly funding the stadium.

State officials previously transferred about 22 acres to Hillsborough College, and lawmakers put $50 million in Public Education Capital Outlay funding toward improvements at the Dale Mabry campus. Gov. Ron DeSantis has also said the state is prepared to support transportation and infrastructure around the development, while maintaining that direct stadium funding should remain a local decision.

Hillsborough College is planning its own transformation alongside the ballpark. The College unveiled new conceptual renderings Wednesday showing a more modern Dale Mabry campus as discussions over the Rays project continue.

Friday settles a lot, but not everything

Friday’s Hillsborough County vote would lock in some of the most important pieces of the stadium deal, but it would not settle everything.

For starters, the current $796 million county package may not be the last funding request the Rays make of Hillsborough.

The agreement says the Rays’ stadium entity intends to seek additional money from the 1% “high tourism impact” tourist development tax authorized under state law.

That money is not part of Friday’s approval, and any additional contribution would require a separate agreement and another vote by County Commissioners, but the intent has been declared in advance.

Other major pieces of the deal also remain ahead. Friday’s vote covers the Development and Funding Agreement, the Rays’ financial guaranty and the Team Non-Relocation Agreement. A separate Ballpark Operating Agreement is expected to come back by Oct. 31.

That agreement would govern the Rays’ use of what would ultimately become a county-owned ballpark. Hillsborough College currently owns the larger campus property, but the roughly 21.5-acre ballpark parcel would transfer to Hillsborough County after the stadium is substantially complete.

The county is targeting December for an ordinance establishing the TIF structure, followed by an interlocal agreement governing those revenues and additional approvals involving the proposed CDD and changes to Tampa’s community redevelopment areas. The future TIF agreement is expected to spell out additional commitments from Hillsborough County and Tampa for certain capital maintenance and repairs at the ballpark.

Those later steps also stand between Hillsborough County and the release of much of its stadium funding.

Before the county can begin selling its tourist-tax-backed bonds or release the contribution, the Ballpark Operating Agreement and Community Benefits Agreement must be signed, land-use approvals must be secured, the Rays must show their private financing is in place and key pieces of the public financing structure must clear court validation.

The proposed community benefits package covers affordable housing and anti-displacement efforts, workforce development, youth sports, transportation and public safety around the broader project. The Rays released the framework this week, but an overall dollar value has not yet been attached to those commitments and final obligations still have to be negotiated with Tampa and Hillsborough.

Tampa gets clarity

The county packet also makes several protections and repayment terms on Tampa’s side easier to follow.

Notably, the revised TIF structure explicitly clarifies that Tampa’s share of future district tax growth would repay its $80 million contribution plus interest.

Tampa is scheduled to provide that money through four $20 million installments through 2029 to be dedicated to eligible public infrastructure tied to the project.

The county documents also put a clearer firewall around Tampa’s $80 million contribution and its existing Community Redevelopment Agency (CRA) dollars. Money already held in a CRA trust fund is specifically excluded as a funding source for the $80 million. 

In other words, the city could not simply tap CRA dollars to cover its $80 million commitment unless there is a separate written agreement approved by the CRA board.

Changes to Tampa’s CRAs remain a part of the overall stadium deal. Separate changes negotiated alongside it would remove the Hillsborough College property from the Drew Park CRA, extend the remaining Drew Park, East Tampa and West Tampa CRAs, and reduce Tampa’s future contribution to the Downtown CRA — although questions remain about how binding those terms are headed into Thursday’s City Council vote.

Those changes would still require separate votes, part of a series of approvals that will continue well beyond Friday even if Tampa and Hillsborough County sign off on the latest version of the deal this week.

For now, though, the revisions headed to elected officials appear to tilt the agreement further in the public’s favor, giving Tampa and Hillsborough more room to benefit from future tax growth while putting several public-funding protections clearly in writing.