Hillsborough College

Senate Appropriations Chair Ed Hooper said the money won't be set until local financing agreements are a "done deal," and lawmakers needs something more concrete than this week's approved MOU.

The tentative agreement, finalized last week by the team, county and city, details financing for the $2.3 billion indoor stadium that would anchor a multiuse development in Drew Park.

If commissioners approve the non-binding memorandum of understanding, the city council will vote on its part of the financing the following day.

The state's transfer of 22 acres took place in February with minimal discussion and no mention of the appraised value of the land.

The non-binding memorandum of understanding drops the public money involved to $976 million. The deal must be voted on next week by the Hillsborough County Commission and Tampa City Council.

About $150 million sought to rebuild Hillsborough College isn't in the first spending offers. Budget committee Chair Ed Hooper, R-Clearwater, says the state won't act until stadium financing is complete.

The billionaire attorney calls Rays managing partner Patrick Zalupski a friend with whom he's had regular contact. The Rays, however, have an agreement to negotiate stadium plans only with Tampa and Hillsborough.

During a nearly four-hour meeting, councilors heard their first presentation on the stadium from Rays CEO Ken Babby, learned more about what public funding would be required and listened to dozens of citizens.

The team said it remains committed to a 2029 opening but pushed back on Hillsborough officials' requests for stronger financial guarantees and earlier private funding disclosures.

Despite a Rays warning that changing the timeline would jeopardize the project, the team says it's working "diligently" on a response to the county's list of 14 unresolved conditions.

Commissioner Ken Hagan tells WDAE existing restricted revenues can fund most of the county's share, but critics of the plan say taxpayers are still exposed through reserves and emergency dollars.

The team reduced its public funding request to about $1 billion for its $2.3 billion proposed stadium, but Hillsborough officials say financing assumptions and deal terms still require further talks as deadlines near.