A memorandum of understanding (MOU) between the Rays, the city of Tampa and Hillsborough County has set a June 1 deadline for all sides to secure approvals that would allow for the franchise to build a $2.3B ballpark and privately-funded adjacent mixed-use development in time for the start of the 2029 season.
The projected budget for the $2.3B public-private partnership would feature a $1.235B (and overruns) contribution from the Rays and a maximum public contrition of $1.065B. The breakdown would be $750M from Hillsborough County, $251M from the city of Tampa and $64M from additional public funding sources.
The Rays would commit to a 35-year lease, with three five-year options that could bring it to 50 years, and a non-relocation agreement.
Before the project proceeds, the city council, county commission and CRA board must approve the final project agreement; MLB must approve the new ballpark and all project agreements; all public bonds must be validated; and all legal processes and governmental processes must be met.
The Tampa Bay Times reported Sunday that Hillsborough County voters favor a new ballpark in Tampa, but oppose using sales tax money to help build it.