An August deadline for finalizing public financing for the Tampa Bay Rays' proposed $2.3 billion stadium has become critical to keeping the project on schedule for an April 2029 opening – and the franchise in the area, team CEO Ken Babby said Friday.
Babby also confirmed the plan could move forward without any contribution from the city of Tampa.
"We so desperately want them to be a part of this, but we can't beg," Babby said on the “J.P. Peterson Show” podcast.
In May, the Tampa City Council narrowly voted to approve a memorandum of understanding to pitch in $180 million – $80 from the city's portion of the Community Investment Tax and $100 million from a state-designated community redevelopment area.
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With a CRA, future property taxes would be used to cover bonds for the ballpark. But city council members, who act as the CRA board, have been cool to that portion of the plan. The board is scheduled to reconsider the proposal Aug. 20.
“I'm hopeful that they come around, but as I think the public saw, there's still questions about that,” Babby said.
Some council members also balked at using the CIT, a renewed half-cent sales tax that will take effect in December.
"Could the train leave the station without them? The answer to that question is yes," said Babby, who acknowledged negotiators are looking for financing alternatives.
The Rays have committed more than $1.2 billion toward the stadium, and the MOU calls for Hillsborough County to invest $796 million from a variety of accounts, including tourist development taxes and the CIT. Should Tampa pull out, the county could pick up more of the cost; among the proposals is transferring the CRA from the city to the county.
It will be up to the Rays to decide the quickest way forward.
“We need decisions made in August,” Babby said. “… If we're not able to do that, we're not going to be able to hit that April 2029 date, and that really risks not only the future of baseball in Tampa Bay, but the future of the Rays in our region.”
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Babby pointed out the city’s contribution represented only 3.5 percent of the overall cost in a project predicted to generate $55 billion in economic impact over the 35-year lease.
Babby said the Rays are in discussions with Fortune 500 companies interested in locating within the multiuse development, which would include office, retail, residential, recreational and educational areas.
“We'll have more on that information in the next couple of weeks as they explore and have great appetite for our region. ‘How could the city stand on the sidelines for this?’ That'd be the question they're asking,” Babby said.
And if Tampa opts out, he said, it will lose out on many of the negotiated community benefits the team will provide. According to the MOU, these would involve hiring goals, neighborhood enhancements, community investments and youth engagement.
Even as Babby acknowledged “we’ve reached the 11th hour,” he said keeping the team in Tampa remains the focus.
“We've not run a competitive process up to this point with other cities,” he said. “We've not even engaged in conversations with countless other cities that have all been publicly reported that would love the opportunity to have the Rays in their city, and some that you know probably would offer even greater public funding should they be given an opportunity.”
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His comments come as an Orlando investment group has renewed its push to land a Major League Baseball team, announcing it will seek nearly $1 billion in Orange County tourist development taxes for a proposed stadium.
The Orlando Dreamers said representatives will make a presentation Tuesday at a meeting of a recently appointed tourist tax task force, which will make funding recommendations to the county commission and tourist development council. According to a statement, the presentation will include updated stadium renderings and a new economic impact study.
“The Dreamers are financially ready from our side, having in place in excess of $2 billion combined for team acquisition and stadium financing,” group ambassador Barry Larkin said in the statement. “Now we need our local elected officials to make a statement to Major League Baseball that Orlando is ready to be a major league city.”
Amid the city council’s indecision, final definitive documents are being negotiated by representatives of the team, the Tampa mayor’s office, Hillsborough County, and other stakeholders. Babby said meetings can include 40 people “from all across the discussion” trying to appease the needs of various constituents.
"This is Tampa's deal," Babby said. "We are the Tampa Bay Rays. We're committed to have our future here in Tampa Bay."
