Babby Pushes Rays Game Today Stadium Plan Toward $2.3 Billion Deal

rays game today shifts to the proposed $2.3 billion stadium deal after Tampa Bay Rays officials and area leaders met Friday afternoon at Tampa City Hall. The memorandum of understanding was agreed to Thursday, and leaders said the project could bring nearly $976 million in public funding, $55 million in economic impact and 12,000 new jobs.

Tampa City Hall Meeting

Rays CEO Ken Babby, Hillsborough County Commission Chairman Ken Hagan and Tampa Mayor Jane Castor all attended the news conference. Babby said, "The theme of this process has been partnership" and added, "We've always said it must be a fair, public-private partnership."

Hagan said, "There has been significant give and take on both sides." He also said taxes will not be raised as a result of the project and described the deal as the closest the sides have come to reaching an agreement on the largest development in Hillsborough County history.

Public Money And Credit Risk

The public share has become the number everyone is watching. Nearly $976 million in public funding sits inside the $2.3 billion proposal, while Hagan also warned, "We’re not going to do anything haphazardly, put the taxpayer or our AAA credit rating at risk," and said Hillsborough County is among a select few counties with a AAA rating from all three credit agencies because of its conservative fiscal budgeting process.

That caution came alongside a big promise from leaders. They said the venue would be capable of drawing millions each year, and Castor said, "Any large, successful city has professional sports teams." She added, "And whether you're a baseball, football, hockey fan or not, you can't deny the value that that brings, not only in the cohesiveness of bringing a community together, but in the dollars and cents, the economic value of that."

Castor And Wostal

Castor said the memorandum of understanding is non-binding and said she would be surprised if any council member voted to not support it. She also said city leaders think the project could transform the surrounding area like Drew Park and could create an expansion opportunity for Hillsborough Community College.

Joshua Wostal offered the sharpest pushback on Thursday, saying the memorandum of understanding has "severe material deficiencies" and that the Rays have still not made clear how they arrived at the $2.3 billion stadium cost. That leaves the deal moving forward in public view, but still carrying questions about the price tag and the terms behind it.