Clock Ticking on Rays Stadium Funding

The Tampa Bay Rays need Hillsborough County to approve $750 million in funding by June 1 or risk losing state money. CEO Ken Babby told commissioners that missing this date would make the $2.3 billion ballpark deal "economically infeasible."

The team wants to build a stadium on land where Hillsborough College sits. Opening day? Spring 2029. The Rays will pay half the construction costs plus all overruns. The county and city of Tampa pick up the rest.

Babby warned commissioners that without a deal, the team would "evaluate alternatives," according to an email. He didn't say what those options might be. A group in Orlando has tried bringing baseball there for years, though.

"We cannot proceed with an agreement that does not position the team for long-term success," Babby wrote in an email, according to the St. Pest Catalyst.

The updated framework asks for $750 million from the county, $251 million from the city of Tampa, and $64 million from other public sources. That brings the total public ask to about $1.001 billion under a memorandum of understanding.

The county would provide $272 million from the Community Investment Tax, $268 million from tourist development taxes, $132 million in cash or reserves, and $30 million from stormwater funds. Use of the half-cent sales tax has sparked debate since voters expected it wouldn't fund stadium construction when renewed.

Commissioners received a legal opinion this week. It said using CIT money would be lawful. Commissioner Ken Hagan, who has worked on talks with the franchise, said the project can't move forward without tapping those funds.

"Failure to meet these timelines risks the loss of critical state funding for Hillsborough College, which would render the deal economically infeasible," Babby wrote. "In addition, missing the 2029 construction timeline would materially increase costs and invalidate the proposed budget."

The county commission will hold a workshop on whether to commit tax dollars.

The franchise plans to invest more than $8 billion in a development surrounding the ballpark. Taxes from the development through a Community Redevelopment Area would help pay part of the stadium costs. An AECOM report estimated the ballpark and its surrounding development would have an economic impact of $75 billion over 30 years.