A draft agreement for a proposed Rays stadium outlines a $2.3 billion project with about $1 billion in public funding, including use of Community Investment Tax.
TAMPA, Fla. — A newly released draft agreement is offering the first detailed look at how a proposed Tampa Bay Rays stadium could be financed — and how much taxpayers could be on the hook for.
The memorandum of understanding, obtained through an open records request, lays out a preliminary framework for the project. But in an email sent to Hillsborough County commissioners Thursday afternoon, County Attorney Julia Mandell emphasized the proposal has not yet been vetted by government leaders.
Mandell wrote the document is “purely the work product of the Rays organization” and has not been reviewed or analyzed by any government entities, including her office. She also noted that no comments have been provided to the Rays and that there have been no discussions between agencies about the contents.
According to the draft, the total cost of the project is estimated at at least $2.3 billion.
Of that, a minimum of $1 billion would come from public funding, including $750 million from Hillsborough County and $251 million from the City of Tampa.
That public share would not be paid upfront. Instead, it would be financed through bonds paid back over time using tax revenue, including the Community Investment Tax (CIT), a half-cent, voter-approved sales tax typically used for infrastructure and public safety projects.
The agreement states that using CIT funds for the stadium should not impact funding for public safety or other infrastructure needs. However, the proposal also makes clear that those dollars would be committed long-term to paying off stadium-related debt.
County leaders have previously raised concerns about whether CIT funds can be used for a project like this. Officials are now awaiting an outside legal opinion to determine whether it is even an option.
The draft also outlines several ways the Rays organization would generate revenue from the stadium.
That includes retaining revenue from naming rights and implementing a ticket surcharge of up to $3.50 per ticket.
Under the proposed lease terms, the Rays would pay $10 per year in rent, with the agreement citing the team’s upfront investment and ongoing responsibilities as justification for the arrangement.
Another key component of the proposal involves future tax revenue tied to the development.
Under the plan, 85% of new property tax growth generated by the project would be directed back to the Rays through a fund used for stadium upgrades and improvements.
The proposal remains in the early stages, and no final decisions have been made.
Hillsborough County commissioners are expected to discuss the agreement at a workshop on April 16, with a potential vote the first week of May.
Meanwhile, the Tampa City Council has announced it will hold a public workshop on May 5 at the Tampa Convention Center, with a potential vote the following day.