Tampa City Council is set to vote Thursday on a proposed $2.3 billion stadium and mixed-use development that could bring the Tampa Bay Rays across the bay.

The latest deal calls for about $876 million in direct contributions from the city and Hillsborough County. That’s about $100 million less than the public contribution outlined in the non-binding memorandum of understanding approved in May.

Most of that money, about $796 million, would come from Hillsborough County.

The city’s portion of the deal has changed significantly since May, including how Tampa would pay for it.

Under the latest proposal, Tampa would provide $80 million, paid in four $20 million installments. Councilman Bill Carlson says that money would be structured as a loan that would be paid back with interest.

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“The MOU said we would pay $180 million and it was essentially a grant, we wouldn’t get it back. Now we don’t pay anything up front, we offer an $80 million loan to the TIF that is now $20 million a year and we get it back with interest,” Carlson said.

The latest plan does not use Community Investment Tax (CIT) money from the city. Instead, it calls for the creation of a tax increment financing district, or TIF, around the proposed stadium and mixed-use development, which is expected to include restaurants, residences and retail.

A portion of the new property tax revenue generated as the area develops would be used to pay back the city’s $80 million and another $100 million loan from the Rays.

Carlson said taking CIT out of the equation was critical in getting his support for the project.

“I was against using CIT money because I didn’t want money taken away from fire trucks, police cars and other projects. That was the first thing we took off the table,” Carlson said.

Carlson says once the city’s $80 million is paid back, the TIF would provide a new revenue stream that could be used for roads, flooding and parks.

But first, Tampa City Council has to approve the deal.

Carlson said Wednesday the documents were still evolving ahead of the vote.

“I think we need to represent and approve what we told the public we’d put in, so as long as the things that we promised the public are in there, I think it’s a really good deal for the city,” Carlson said.

Thursday’s Tampa City Council meeting begins at 9 a.m. Dozens, if not hundreds, of people are expected to attend to provide public comment.

Hillsborough County commissioners will then hold a special meeting Friday to consider their portion of the deal.