New $2.3bn MLB ballpark gets funding overhaul but clock ticks on $100m race to finish line

The Tampa Bay Rays are still missing approval for the most crucial aspect of legislation around their new stadium.

Eight months after the move was announced, the city council and MLB franchise remain at a stalemate over the public funding portion of the $2.3 billion stadium.

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The Rays have committed to paying $1.235 billion towards the construction of their venue, including overruns.

They will also entirely fund the mixed-use development that will surround their futuristic, 31,000 seat ‘forever home’.

The city have been asked to front the remaining $1.065 billion in order for the deal to be finalized and construction can begin.

The non-binding Memorandum of Understanding, which was signed in May, capped public contribution at $976million, and the city are not budging on that – leaving a shortfall of almost $100m that is holding up proceedings.

In the effort to finally get an agreement, Tampa leaders are now looking at a reworked model.

Instead of using general city tax funds, the city plans to fund it’s portion using taxes directly by the new stadium, and the surrounding mixed-use development.

The bottom line being that the stadium pays for itself over time through the new business and property growth it creates, keeping general public tax money off the table.

“What I’m trying to do is create a win-win-win situation,” said Tampa city council member Bill Carlson.

“The city went from having to pay money, taking money from other sources, to now participating in a revenue stream that will fund infrastructure without raising taxes.

“We’re not subsidizing any for-profit activities.”

Rays Baseball

Rays Baseball

The change of plan is aiming to provide stronger political support for the project.

Tampa Mayor Jane Castor, who is leading the negotiations, is growing increasingly frustrated with the council.

“It’s beyond frustrating that as city and county leaders are working tirelessly to hammer out an equitable deal to bring the Rays to Tampa, city council members want to halt our efforts in their tracks,” Castor said, via front office sports.

“Some city council members are clearly intent on killing the plan before negotiations are done and an agreement is ready for review.

Castor’s rant came after the council delayed their next scheduled vote on the stadium that was slated to take place during their August 20 meeting.

The Rays have previously said that ground needs to be broken next month for the stadium to be ready by their 2029 Opening Day target.

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The Rays are quickly running out of time.

If the reworked tax-increment financing model fails to gain traction, or political interference continues to stall progress, the Rays’ ambitions to open a new home by 2029 could collapse before a single shovel hits the dirt.