See the Rays' proposed stadium deal with Hillsborough and Tampa

With potential votes on a stadium deal looming and state funding in limbo, Hillsborough County on Thursday released a nonbinding agreement between the Rays, the county and the city of Tampa.

The memorandum of understanding outlines a $976 million public contribution toward the cost of a $2.3 billion stadium.

That's nearly $100 million less than the Rays' previous $1.065 billion proposed subsidy from the city and county. If the Rays cover that gap, it would raise their contribution to north of $1.3 billion.

The document comes a week ahead of expected votes by the Tampa City Council and Hillsborough's Board of County Commissioners - and roughly two weeks before the Rays' softenedJune 1 deadline for the city and county to approve nonbinding agreements. County officials could vote on May 20, with Tampa voting the following day.

Team leaders have reiterated that they hope to have nonbinding agreements approved by the end of May as they seek state funding to redevelop the Dale Mabry campus of Hillsborough College - the site of the proposed stadium.

"It's a positive step forward," County Commissioner Ken Hagan told the Tampa Bay Times on Thursday, noting there are still details left to resolve.

Team CEO Ken Babby said in a statement that the Rays "respectfully but resolutely encourage Hillsborough County and the City of Tampa to approve the MOU and make possible a forever home for our community's Tampa Bay Rays, breathe new life into the Dale Mabry Campus of Hillsborough College, and create a new privately financed neighborhood that will be an inviting and inclusive destination to work, live, learn, and play."

In a previous draft memorandum, the team asked for $750 million from the county and $251 million from the city. The county's initial proposed framework fell $75 million short of that ask.

Thursday's draft agreement breaks down an even smaller public contribution of $976 million, with $796 million from the county and roughly $180 million from the city. The Rays have said they will pay for the surrounding mixed-use development, as well as stadium maintenance and any cost overruns.

The Community Investment Tax, Hillsborough's half-cent sales tax that pays for roads, public buildings and upgrades to existing professional stadiums, makes up a large chunk of the framework.

Under the draft agreement, the county would contribute $360 million and the city would pay $80 million from their respective sales tax revenues. The city's portion would only go to public improvements such as roads, water and sewers.

In addition to the half-percent sales tax, the Rays are seeking $263 million in bonds from Hillsborough's Tourist Development Tax, a 6% tax on short-term lodging and $40 million from the tax's reserves.

The county would also draw $103 million from a range of "additional county resources from various sources determined by the county in the county's discretion," according to the document.

County staff last month identified several pots of rainy day money - reserves set aside as a cushion against hard times that largely come from property tax dollars - that could be tapped.

The document lists roughly $100 million from Tampa's Community Redevelopment Agency, which would be used to pay off bonds issued to fund stadium construction.That would count toward the city's contribution.

The Hillsborough College campus sits in a corner of the Drew Park Community Redevelopment Area, where local property tax dollars are funneled back into the region to address blight. Money from the redevelopment area relies on tax increment financing, which leverages future tax value increases to pay for current projects.

Hillsborough would use$30 million indisaster recovery funds from the U.S. Department of Housing and Urban Development to pay for"stormwater infrastructure and improvements."

While the overall public contribution has decreased, the county's contribution has risen well beyond the Rays' original $750 million request. And it soars above the $702 million contribution that county staff previously said was possible.

How exactly Hillsborough plans to cover that gap was not included in Thursday's memorandum. Nor was there an explanation for why the city's slice is now smaller than the $224 million previously listed as possible by county staff.

County attorney Julia Mandell said in an email to county commissioners that "there are many issues which remain pending to be resolved prior to any definitive documents being brought forward for approval."

City attorney Scott Steady echoed Mandell in a meeting Thursday, adding that city officials will "retain discretion to approve anything further."

If approved, the agreement would build momentum for the Rays.

Last month, Babby said failure to approve agreements by June 1 would threaten "critical state funding" dedicated to redeveloping the Dale Mabry campus. Without that money, he said, the deal would be "economically infeasible."

The Florida Legislature is in a special session to approve the state budget, which could include $150 million for the college. State Sen. Ed Hooper, a Clearwater Republican who leads the Senate budget committee, said earlier this week that he didn't think the state should assign money to the effort until local governments reach an agreement with the Rays.

"The locals, Hillsborough County and the city, there seems to be some heartburn at the request," Hooper told reporters Tuesday. "And until they resolve that, I don't think the state needs to be involved."

Rays managing partner Patrick Zalupski told the Tampa Bay Times last week that the team hopes to have final agreements with the city and county as soon as possible.

"We recognize it'll be a challenge to get there by June 1, but we need to be as close to June 1 as possible for all the reasons that we've stated," Zalupski said. "This is not the Rays' timeline, this is Tampa Bay's timeline."

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This story was originally published May 14, 2026 at 3:05 PM.