Full Breakdown
Tampa Bay Rays Secure Preliminary MOU for $2.3 B Stadium on Hillsborough College Campus
5/15/2026, 5:52:42 AM
Core Event
On May 14, 2026 the Tampa Bay Rays, Hillsborough County and the City of Tampa announced a non-binding memorandum of understanding (MOU) for a $2.3 billion covered-ballpark on the Dale Mabry campus of Hillsborough College. The MOU outlines a public-private partnership that must be approved by the county commission (May 20) and city council (May 21) to meet the team’s June 1 deadline for a 2029 opening.
Background & Context
Since 1998 the Rays have played at Tropicana Field in St. Peterson, with a lease running through 2028. Hurricane damage in 2025 forced a temporary move to Steinbrenner Field, intensifying calls for a permanent home. Earlier proposals—including a $1.1 billion public-funding request that fell apart in 2025—set the stage for the current MOU, which reduces the public ask and couples the ballpark with a mixed-use entertainment district.
Key Figures & Groups
- Ken Babby, Rays CEO – leads the team’s negotiation and public outreach.
- Joshua Wostal, Hillsborough County Commissioner – vocal skeptic of the financing plan.
- Alan Clendenin, Tampa City Council Chair – supportive of the investment.
- Ron DeSantis, Governor of Florida – offers state infrastructure support but rejects direct stadium funding.
- Ed Hooper, Senate Appropriations Chair – urges caution before state dollars are committed.
Timeline
| Date | Milestone |
|---|---|
| May 14 2026 | MOU signed by Rays, county and city. |
| May 20 2026 | Hillsborough County Commission scheduled to vote. |
| May 21 2026 | Tampa City Council scheduled to vote. |
| June 1 2026 | Deadline for local approvals to keep 2029 opening on track. |
| March 1 2029 (projected) | Planned stadium opening; Tropicana Field lease expires end of 2028. |
Data & Statistics
- Total project cost: $2.3 billion.
- Public contribution: reported as $967 million (some sources $976 million).
- County: $796 million.
- City (including CRA): $180 million.
- Rays’ share: at least $1.32 billion, covering cost overruns.
- Financing mechanisms: community-investment tax (CIT), tourist-bed tax, CRA bonds, future property-tax increments.
- Economic impact: projected 7,500 jobs and a mixed-use district of offices, hotels and retail.
Why It Matters / Impact
The agreement aims to keep the franchise in the Tampa Bay market, averting potential relocation to Orlando. It also promises a “generational” redevelopment of the Dale Mabry campus, linking the ballpark to broader urban growth and generating significant tax revenue. Politically, the deal represents an unprecedented level of public funding for a sports facility in Florida.
Official Statements & Responses
- Rays (Ken Babby): The MOU protects existing police, fire and emergency-service funding and fulfills a “important and unconditional goal.”
- Governor DeSantis: The state will fund transportation and campus improvements but “not money for a stadium.”
- Senate Appropriations Chair Ed Hooper: State involvement should wait until local financing gaps are resolved.
Criticism & Opposition
Commissioner Wostal warns that bonding future CIT revenue could jeopardize fire-rescue and emergency budgets, and that using property-tax reserves may leave the county vulnerable after disasters. He also demands detailed accounting of the stadium’s total cost and guarantees that taxpayers will not bear overruns if the surrounding development underperforms.
Conflicting Reports & Gaps
Sources differ on the exact public contribution—$967 million versus $976 million—and on how the city’s $180 million is allocated (direct cash versus CRA bonds). The MOU does not disclose the final financing plan for the remaining $1.3 billion, leaving the Rays’ ability to fund their share and cost overruns unverified.
Verbatim Quotes
- “The Rays respectfully but resolutely encourage Hillsborough County and the City of Tampa to approve the MOU and make possible a Forever Home for our community’s Tampa Bay Rays, breathe new life into the Dale Mabry Campus of Hillsborough College, and create a new privately financed neighborhood that will be an inviting and inclusive destination to work, live, learn, and play.” — Ken Babby, Rays CEO
- “Paramount for the Tampa Bay Rays in this process was to arrive at an MOU that protects all public funding currently allocated for police, fire, emergency management or response functions, or other previously committed public safety or service priorities. We have accomplished that important and unconditional goal.” — Ken Babby, Rays CEO
- “If you bond the funding mechanism, the entire revenue source is now at the mercy of the debt payment that you have to pay every year. If your loan isn’t performing, well, that’s on you. You still have to pay the interest. So all of the fire rescue and first responder items are still at extreme risk if we use a penny of the community investment tax,” — Joshua Wostal, Hillsborough County Commissioner
- “To have this amount of investment come to the city of Tampa is absolutely remarkable and we'll never see another thing like this,” — Alan Clendenin, Tampa City Council Chair
- “We’re not doing, at the state level, money for a stadium and we have not done that since I’ve been governor,” — Ron DeSantis, Governor of Florida
- “Please note that this agreement is nonbinding and there are many issues which remain pending to be resolved prior to any definitive documents being brought forward for approval.” — Hillsborough County attorney
What’s Next
The county commission and city council will vote next week. If approved, the parties must finalize a binding financing agreement, address the public-funding gap, and secure any state infrastructure support before the June 1 deadline. The stadium’s construction schedule targets a March 2029 opening, contingent on resolving the outstanding financial and legal details.
