$75bn decision made as franchise gets first glimpse of ‘forever home’ with funding questions answered

Tampa Bay Rays fans have been treated to renders of the franchise’s proposed ‘forever home.’

After deciding to leave Tropicana Field, a site was located to build a $2.3 billion ballpark in the Drew Park neighborhood.

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With 30,000 seats under a roof, the stunning design would be a massive lift for the Rays.

Having asked for $1 billion in public funding, the Rays looked to have cleared a problematic hurdle after significant progress on Friday night.

County approval was granted for the $796million financing plan that will go alongside Thursday’s decision from the city to green light their $80million share of the project.

“We now look forward to celebrating before breaking ground with Hillsborough County and the City of Tampa on a future that has long been doubted, but will indeed happen,” Rays CEO Babby said.

“By making the Forever Home a reality, the Rays are now home forever in Tampa Bay.”

Tampa Sports Authority is also being asked to fund a refurbishment of Raymond James Stadium — home of the NFL‘s Buccaneers and the green light on Friday cements a legacy for the area and both franchises.

An economic impact study by AECOM commissioned by the Authority reported that the stadium and surrounding mixed-use development could inject a staggering $75 billion into the area over 30 years.

For context, that is three times what the Washington Commanders’ new stadium is projected to create.

How much money will the Rays’ ballpark generate?

AECOM’s study includes 9,750 annual jobs and $2.2 billion in gross fiscal impacts from tickets and taxes among other sources.

Those numbers have come under scrutiny, with impact assessments in general a point of contention whenever a large construction project promises vast riches in exchange for initial capital.

AECOM analyst Dillon Gilman wrote that “results should be interpreted considering key assumptions and limitations.”

“This report does not provide any recommendations regarding development or financing of the project or any component thereof, nor does it express or imply any terms of agreement between the parties involved,” he added.

The Rays previously came up with a figure of $55.5 billion over the same period.

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Having navigated tricky waters is appears the Rays future is all but secure.

With a projected completion date of 2029, the team hopes to average 20,500 fans over the first three seasons.

In May, the Tampa City Council approved a non-binding memorandum of understanding with a narrow 4-3 margin.

It took six hours of debate to secure victory, suggesting that there is plenty of opposition to the plan.

Per Front Office Sports, yes-voting council members Bill Carlson and Naya Young are not certain to back the final proposal.

“To be clear, I am not saying I’m in favor of a baseball stadium,” Young said. “What I’m saying is, ‘I’m willing to continue the conversation and fully unpack the possibilities.’”

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Babby had also passed on a message from MLB commissioner Rob Manfred at the meeting.

“We are in the late innings of a very long game with the future of baseball in Tampa Bay hanging in the balance,” he said. “We have faith in Tampa Bay as a major league city.”

Also on the agenda for the league, now that the Rays have joined the A’s in being set for new homes, Manfred’s next mission is to expand the league to 32 teams.

Nashville, Portland, and Salt Lake City are among the favorites.

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