The Tampa Bay Rays’ long-running stadium saga may be inching toward a new chapter - and this time, the spotlight is squarely on Hillsborough College’s Dale Mabry campus. On Tuesday, the college’s board gave unanimous approval to a Memorandum of Understanding (MOU), opening the door for a potential partnership with the Rays that could reshape not just the team’s future, but a significant swath of Tampa real estate.
Now, let’s be clear: this MOU is nonbinding. It’s more of a handshake than a signed contract. But it does give us a first glimpse into how the Rays and Hillsborough College envision working together - especially during what promises to be a disruptive, high-stakes construction period.
A 99-Year Lease and a County-Owned Stadium?
One of the most notable takeaways from the agreement is the proposed land arrangement. The Rays (or an affiliated entity) would receive a long-term ground lease - we’re talking 99 years - for nearly the entire site, excluding the portion designated for the college itself. That’s not unusual for major sports developments, but it sets the stage for a significant private-public partnership.
Here’s where it gets interesting: if public money is involved in building the stadium - and let’s be honest, that’s almost certainly going to be the case - then Hillsborough County would take ownership of the stadium itself. That’s a common condition when taxpayer dollars are on the line, giving the public at least nominal control over a publicly funded asset.
Who Pays for What? Still a Mystery
Financial specifics are thin - and that’s putting it generously. The MOU doesn’t spell out rent payments, revenue-sharing terms, or how much of the stadium cost the Rays are willing to shoulder.
But it does indicate that the Rays will be responsible for predevelopment costs and permitting. It also notes that the team will pursue “economic incentives” at both the state and local level.
That’s where the big asks are likely to come in. Public ownership of the land could exempt the team from paying property taxes on both the stadium and any surrounding mixed-use development. That’s a massive financial benefit on its own, but it’s not clear yet how much more the Rays will seek in the form of subsidies, abatements, or discounted lease terms.
What Can’t Be Built There?
One quirky detail tucked into the MOU: a list of businesses that won’t be allowed to operate within the development, likely to protect the college’s reputation. That includes adult entertainment, gambling, cannabis sales, and any business with “beneficial ownership by a Foreign Entity of Concern,” per Florida law.
But there’s a key exception - the Rays are allowed to advertise any product approved by Major League Baseball. So, yes, gambling ads are still on the table, even if a sportsbook won’t be setting up shop next to the student union.
Infrastructure, Incentives, and the Road Ahead
The real financial picture is still coming into focus, but several potential funding streams are already in play. For one, the site sits within the Drew Park Community Redevelopment Area, which means Tax Increment Financing (TIF) revenue could be used to support the project. There’s also a state-level subsidy available for professional sports facilities, worth up to $2 million per year.
And while Hillsborough County may not have the same hotel tax revenue that Pinellas County does - most of its tourist tax dollars are already committed to the Lightning and the Convention Center - there’s still the possibility of local or state investment in infrastructure. That could include roads, utilities, and parking - all essential for a development of this scale, and all forms of indirect public subsidy.
One of the site’s biggest advantages? It’s currently dominated by surface parking lots.
That opens the door for a more efficient use of the space - think mixed-use development, green space, and maybe even a smarter approach to parking and transit. But whether that includes meaningful upgrades to public transportation remains to be seen.
What Comes Next
This MOU is just the opening act. It's nonbinding, which means everything from the lease terms to the stadium’s final design is still up for negotiation. But it signals intent - and intent is the first step toward action.
There’s still a long road ahead. The Rays will need to secure local and state funding, navigate political hurdles, and win over a public that’s already seen its fair share of stadium drama. The financial gap between what the team wants and what the public is willing to give could be steep.
But for now, the ball is rolling. The Rays have their eyes on the Dale Mabry site.
Hillsborough College is on board. And the next few months will be crucial in determining whether this vision becomes reality - or just another chapter in Tampa’s stadium shuffle.