Overview
- Hillsborough County commissioners approved the nonbinding memorandum of understanding by a 5-2 vote and the Tampa City Council followed with a narrow 4-3 vote after lengthy public meetings.
- Hillsborough Community College trustees unanimously agreed to a 99-year lease of 113 acres on the Dale Mabry campus, giving the Rays formal site control for the proposed development.
- The MOU frames a $2.3 billion project that caps public contributions at $976 million and requires the Rays to privately finance about $1.27 billion plus any cost overruns.
- Major next steps include adding the project to the Community Investment Tax eligible list, public hearings, bond validation, drafting a binding agreement, and securing up to $150 million in state funding that remains uncertain.
- Supporters say the plan would spur redevelopment and thousands of jobs while critics warn the deal risks diverting CIT and CRA dollars from sidewalks, public safety and other capital projects and could face legal challenges.