Tampa looking to rework funding plan for Rays' proposed $2.3B stadium

The Rays' plans to build a long-awaited ballpark in Tampa, Fla., have hit a stumbling block financially, and the franchise now is turning to the city council for a save in the ninth inning.

The team must have the issue resolved before construction can begin on the $2.3 billion ballpark. The obstacle is a planned $180 million city contribution that at least one council member wants to retool.

Construction must begin this fall if the ballpark is to open before the 2029 season, meaning the financing issue must be resolved soon.

The city originally intended to pay the $180 million through funding generated by a community investment tax and a community redevelopment area. Instead, city leaders are working to raise the money through "tax-increment financing of a mixed-use development around the ballpark," Front Office Sports reported late Monday.

The reasoning for the shift is that under Plan B, the city could use funds generated by the stadium project instead of spending money intended to serve greater public needs.

"What I'm trying to do is create a win-win-win situation," Tampa city council member Bill Carlson told WUSF-TV. "The city went from having to pay money, taking money from other sources, to now participating in a revenue stream that will fund infrastructure without raising taxes. We're not subsidizing any for-profit activities."

Using money not diverted from public funds could help strengthen public and political support for the project. Between the city and other public entities, taxpayer cash will total up to $976 million -- the agreed-to cap. The Rays are set to pay the balance.

The Rays entered a non-binding memorandum of understanding regarding the stadium with the city and Hillsborough County in May but likely will need to adjust the spending allocations before the two bodies will finalize their contributions.

The planned 30,000-seat domed ballpark will be part of a mixed-used development that is being modeled, in part, after The Battery, which surrounds the Atlanta Braves' stadium. The Battery includes local dining establishments, a hotel, shopping and services.

On an earnings call last week, Braves officials said The Battery generated revenues of about $54.9 million in the first six months of the year, up about 26% from last year.

The Rays have called Tropicana Field in St. Petersburg their permanent home since 1998.

--Field Level Media