TAMPA — The Tampa Bay Rays and Hillsborough County have agreed to preliminary terms of a deal on a new Tampa Bay Rays stadium.
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It’s what’s called a memo of understanding, basically saying there is a deal but that nothing about it is binding yet.
County Commissioner Joshua Wostal confirmed to Spectrum News that the memo of understanding is in place.
It sets the terms for how much money the county would contribute to the stadium — a public-private partnership between the team, Hillsborough County and Tampa.
The state may also funnel some money to the effort, but that money would focus more on impact around a new stadium. It would not pay for the build.
The clock is ticking, too.
The Rays want a new stadium by the 2029 season, right after the team’s lease at Tropicana Field runs out.
They had set a June 1 deadline to iron out a deal with Tampa and Hillsborough County to keep that timeline on pace.