Hillsborough County on Thursday informed the Tampa Bay Rays it cannot meet the team\u2019s June 1 deadline to finalize a stadium financing deal, saying critical questions about funding, risk and the surrounding development must be resolved before any binding agreement can move forward.<\/p>\n
The Rays developed the construction timeline with the ambitious goal of opening the $2.3 billion ballpark in time for 2029 season. Rays CEO Ken Babby told the county that missing the deadline would \u201cmaterially increase costs\u201d \u2014 putting the project in jeopardy.<\/p>\n
In response, commissioners sent a memo seeking clarity on 14 core points that essentially ask the team to show them the money.<\/p>\n
ALSO READ: Rays threaten to \u2018evaluate alternatives\u2019 if Hillsborough balks on stadium funding<\/a><\/p>\n \u201cWe are working diligently on the list of questions provided to us by the county and city and will share our responses with them soon,\u201d the Rays said in a statement. \u201cWith the right public-private partnership, we can build a world-class ballpark by 2029 and remain focused on doing so.\u201d<\/p>\n The Rays have proposed building a $2.3 billion ballpark on land now used by Hillsborough College with a timeline of opening in spring 2029. The team has committed to pay for half and all cost overruns, with the rest coming from the county and city of Tampa.<\/p>\n The stadium would anchor a privately financed multiuse development that would include a rebuild of Hillsborough College, paid for with more than $130 million from the state.<\/p>\n The team recently presented a framework of a deal that requires $1.001 billion in public funds. County leaders have identified $702 million from the county and $224 million from the city of Tampa, which is about $75 million short.<\/p>\n Commissioners received an update on negotiations from county staff last week at a workshop and agreed to continue conversations with the Rays.<\/p>\n