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In Tampa, Florida, Hillsborough County has expressed concerns about meeting the Tampa Bay Rays’ impending deadline for a new project agreement. The county has indicated that there are numerous questions that need addressing before any deal can be finalized.
Among the key issues is the need for a detailed timeline for project completion. However, officials noted that they cannot establish this timeline until a consensus is reached on the Memorandum of Understanding (MOU). They estimate that negotiations on the agreement could require an additional 60 to 90 days after the MOU is approved.
- Define the specific time that ownership of the stadium will be transferred to the county.
- How was the stadium budget determined?
- Since TIF funding is based upon the value of the entire mixed-use development in the proposed Stadium District, what is the minimum valuation needed to be created for the Rays and their development partner(s) to meet the threshold for CRA bonds to be issued by the City’s CRA?
- Describe how the Rays determined the percentage of public funds that will go toward specific areas and/or amenities in the stadium and surrounding grounds.
- Provide a detailed timeline or schedule for when all private and public funding sources will be used during construction of the stadium.
- Describe the plan to obtain additional private funding if the total private and public funding is not sufficient to cover all necessary construction costs of the stadium.
- What are the private funding sources for the Rays portion of the stadium construction?
- What is the plan for how the Rays intend to provide parking for ballgames and special events?
Experts in development warn that any delay might pose significant risks.
“Extending the negotiation period by 60 to 90 days beyond June 1 could give other regions a chance to present compelling proposals to the Rays,” explained John Boyd, a development consultant. “This could include offers from other parts of Central Florida that have available 100-plus acre sites ideal for the stadium and mixed-use development, potentially in areas that are more open to the public-private financing model.”
“Extending this another 60 to 90 days beyond June 1 invites other markets to really make a strong pitch to the Rays ownership,” said John Boyd, a development consultant. “You invite other areas in Central Florida to present an attractive 100 plus acre site that could accommodate the stadium, as well as the mixed-use development and potentially in a market that is less hesitant and more supportive of the public-private financing model.”
Boyd said a possible scenario is a scaled down deal addressing the stadium first, then mixed-use development financing second.
In a statement, the Rays said: “We are working diligently on the list of questions provided to us by the county and city and will share our responses with them soon. With the right public-private partnership, we can build a world-class ballpark by 2029 and remain focused on doing so.”
“With a big deal come big questions,” said Alan Clendenin, a Tampa City Councilmember.
The city won’t make a decision until the county does. Clendenin reminded the public during a council meeting Thursday that this is a fluid situation, and that negotiations are just starting.
“Nothing is baked. And even that date, June 1, it’s a target. I don’t necessarily know that anybody’s holding anybody’s feet to the fire on any one given date,” said Clendenin.
But the lack of information from the team made Councilwoman Lynn Hurtak motion to reschedule the May 5 meeting with the Rays and the public. She rescinded the motion but noted her concerns accusing the team of “not moving.”
Councilmember Charlie Miranda said with the cost of living, gas, and everything else, he feels the public should decide.
“You’re not talking about a couple of dollars. You’re talking about a billion plus dollars. So that’s a lot of money… It’s up to the public,” Miranda said. “I would like to see the public take a vote, public vote on it, because they’re the ones that are paying the bill.”
There’s a $75 million dollar gap that is unclear where the funding will come from. Rays CEO Ken Babby told commissioners ahead of a workshop if the commitment is not achievable, the team would have no choice but to evaluate alternatives, but it’s not their desired outcome.
Hillsborough County Commissioner Chris Boles sent 8 On Your Side this statement:
“I have full confidence in Bonnie and Julia to bring forward a deal that makes sense for the taxpayers. Mrs. Mandell’s response makes clear the Rays proposal is still far from a final deal. As was stated during the April 15 BOCC meeting, the MOU will not look the same, and this feedback proves that point. There are still a number of unresolved questions involving private funding, taxpayer protections, construction oversight, mixed-use development obligations, and the long-term return to the public. Bottom line: this is not the ninth inning, it’s still batting practice. The public side is doing exactly what it should be doing, demanding stronger safeguards, full transparency, and a deal that truly makes financial sense before any commitment is made.”