It’s what’s called a memo of understanding, basically saying there is a deal but that nothing about it is binding yet.
County Commissioner Joshua Wostal confirmed to Spectrum News on Thursday that the memo of understanding is in place, but he said the MOU has “severe material deficiencies” and says the Rays have still not made clear how they arrived at a stadium cost of $2.3 billion.
The MOU sets the terms for how much money the county would contribute to the stadium — a public-private partnership between the team, Hillsborough County and Tampa.
Some of the highlights from the MOU include:
- Rays estimate total cost of $2.3 billion
- Public contribution caps at $976,024,522
- Rays pay any cost overruns, Rays pay for capital repairs
- Goal is to be ready by 2029 season
- Stadium must have capacity of at least 31,000 seats
- County will cap contribution from Community Investment Tax (CIT) at $360 million
- City will cap contribution from Community Investment Tax (CIT) at $80 million
Wostal said he thinks commissioners are being asked to vote on this to get $150 million in state funds for the project. State Sen. Ed Hooper has said local agreements have to be in place before that money is released.
“We don’t even think that the Rays know why it’s a $2.3 billion stadium, but we’re about to vote yes on an alleged memorandum of understanding on something we don’t understand ourselves,” Wostal said. “It’s extremely inappropriate.”
If the document is approved before the end of this month, then it would meet the Rays June 1 deadline which the team set in order to open a stadium by 2029.
The county had previously said it wouldn’t hit that mark.
The Rays have said they will cover just over half the cost of the $2.3 billion stadium. They are hoping the rest will be covered by public funds.
Next week, Hillsborough College will hold a vote on a ground lease for the Tampa Bay Rays. The college approved a non-binding memorandum in January.
Since then, the two sides have been negotiating the lease.
Details of the lease were not included in next week’s agenda.
The county and City of Tampa are also scheduled to hold meetings next week.
The state may also funnel some money to the effort, but that money would focus more on impact around a new stadium. It would not pay for the build.
Statement from Tampa Bay Rays Chief Executive Officer Ken Babby:
“The Tampa Bay Rays are delighted to announce that we have reached a Memorandum of Understanding on a new ballpark proposal, working alongside staff at Hillsborough County and the City of Tampa. We are extremely grateful for the commitment and spirit of partnership demonstrated by all parties throughout this important process and occasion for our community.
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.
Paramount for the Tampa Bay Rays in this process was to arrive at an MOU that protects all public funding currently allocated for police, fire, emergency management or response functions, or other previously committed public safety or service priorities. We have accomplished that important and unconditional goal.
This is a rare and perhaps unprecedented moment for Tampa Bay. The Tampa Bay Rays are all in on this opportunity and look forward to working with officials in the days ahead to bring this project to life.”
