Tampa Bay Rays New Stadium: Draft Framework and Funding Details

The Tampa Bay Rays and local government entities have established a framework for a new $2.3 billion ballpark and mixed-use development project in Hillsborough County. The proposal, outlined in a memorandum of understanding, targets an opening for the 2029 Major League Baseball season.

The project is planned for the Dale Mabry campus of Hillsborough Community College. The framework involves a collaboration between the Tampa Bay Rays, Hillsborough County, the City of Tampa, the Tampa Sports Authority, and the Community Redevelopment Agency Board.

Financing and Funding Structure

The estimated total cost of the development is $2.3 billion. According to the framework, the Tampa Bay Rays would contribute at least $1.235 billion and assume responsibility for any cost overruns.

Public participation in the funding is capped at $1.065 billion. This public portion will be split among the city, the county, and tax increment revenues associated with the Drew Park Community Redevelopment Agency (CRA).

The public funding stack consists of several components:

• Tourist development tax bonds backed by hotel taxes.
• Community investment tax revenues.
• CRA-backed financing tied to the surrounding district.

The memorandum specifies that no new taxes would be created to fund the project. It also includes a do no harm provision designed to ensure that existing funding for emergency services, fire, and police is protected.

the framework notes that federal disaster recovery reimbursements administered through the Department of Housing and Urban Development (HUD) could provide further funding.

Campus Integration and Economic Impact

The stadium is envisioned as part of a larger redevelopment of the Dale Mabry campus. This plan combines private mixed-use development and infrastructure upgrades with academic facilities.

Hillsborough Community College would temporarily relocate during the construction phase before returning to a redesigned campus integrated into the new district.

The project is designed to be a year-round community gathering space. Beyond hosting MLB games, the venue would be capable of hosting large events and concerts, surrounded by public plazas and parks.

Economic projections associated with the project include $34 billion in direct economic activity over a 30-year period, with an additional $21.5 billion in indirect impact. The plan also projects the creation of 11,900 permanent jobs and approximately 40,000 full-time equivalent positions.

Timeline and Requirements

All parties involved have a deadline of June 1, 2026, to finalize binding agreements. The Rays have expressed a goal for the stadium to be completed by March 1, 2029, to ensure We see ready for Opening Day.

Despite the framework, the agreement is not yet final. It still requires several critical steps before it can proceed, including:

• Official government approval.
• Finalized financing agreements.
• Sign-off from Major League Baseball.

Local government votes on the proposal could take place as early as May 2026.