Just one day after Tampa City Council signed off on a nonbinding memorandum of understanding (MOU) with the Tampa Bay Rays related to public funding for a proposed new stadium, the Legislature has included $50 million in its PECO list for Hillsborough College, where the proposed stadium and related development are planned.
The Tampa City Council agreed to the MOU on Thursday, including $80 million in funding from its community investment tax (CIT) over four years and another $100 million from the city’s Community Redevelopment Agency (CRA) funds.
The day before that, Hillsborough County Commissioners similarly signed off on the MOU and its portion of the deal, which includes $796 million. Combined, the Rays are seeking nearly $1 billion in public financing for the overall $2.3 billion project.
The $50 million currently earmarked in Public Education Capital Outlay, or PECO, funds would go toward “campus improvements” at Hillsborough College, which are part of the overall stadium district plans.
But while the funding is currently included in the budget, Sen. Ed Hooper, who is leading budget negotiations for his chamber, cautioned that it’s “not a done deal yet.”
“I just believe that until that issue is resolved and signed and sealed I don’t know that the state should commit $50 million to help Hillsborough College,” he said.
Asked if the funding appeared Friday so soon after both local governments gave preliminary nods to the Rays stadium plan, Hooper chuckled.
“Well isn’t that amazing, that then that same week the memorandum of understanding came about,” he said.
Hooper also reminded that the PECO funding, if finalized, “is not money that’s going to the Rays.” Instead, he said it would help Hillsborough College revitalize three aging buildings on its Dale Mabry campus.