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Painted plate: the planned Rays ballpark, a glass-walled bowl under a pale gridshell roof, rises behind a lawn of moss-hung live oaks, with downtown Tampa's towers and the minarets of Plant Hall on the horizon to its right, mint light ribbons in a blue sky, and a star whose beam falls on the roof's crown.
The planned Rays ballpark at Hillsborough College’s Dale Mabry campus · Illustration: Old Florida Money (drawn for this story, Edition II)

Teams · Tampa Bay

Rays bond vote ties 3-3, then a sick councilman dials in to pass it

Tampa City Council deadlocked 3-3 on Thursday, Oct. 15, on asking a judge to approve up to $80 million in bonds for the city’s share of the Rays ballpark. Then Bill Carlson, absent with a stomach bug, joined virtually and it passed 4-3, with Lynn Hurtak, Charlie Miranda and Guido Maniscalco voting no (Tampa Bay Times; Florida Politics). The vote borrows nothing. Issuing bonds takes a separate council vote, the city attorney says Tampa is obligated for the $80 million either way, and the first $20 million payment is due in January (City of Tampa; Florida Politics). A binding vote on the community benefits deal is set for Oct. 29, per FOX 13. Meanwhile the Rays won Games 4 and 5 in Cleveland to lead the ALCS 3-2, with Game 6 at the Trop Monday night (MLB Stats API).

Sources: City of Tampa (Oct. 15 agenda cover sheet, Oct. 1 finance memo and bond resolution); Tampa Bay Times; Florida Politics; WUSF; Tampa Bay 28 (ABC Action News); DRaysBay; Bay News 9; Stadium Development and Funding Agreement and Guaranty (PDFs hosted by WFLA); Hillsborough County (Board of County Commissioners meeting video and captions, Oct. 7 and Oct. 13; Tourist Development Council calendar); Hillsborough County Supervisor of Elections; Florida Division of Elections; Tampa Bay Business & Wealth; Sports Business Journal; MLB official box scores and schedule (MLB Stats API); MLB.com; ESPN; AP (via WUSF); Front Office Sports; WFLA; FOX 13; Rays release (MLB.com); Business Observer; WTSP; ENR; City of Tampa calendar and notices. Refreshed Oct. 18.

On this page
  1. The money
  2. How it works
  3. What could still stop it
  4. Why it matters across Florida
  5. What to watch
  6. Correction
  7. Sources

Tampa’s City Council deadlocked 3-3 on Thursday, Oct. 15, on asking a judge to approve up to $80 million in bonds for the city’s share of the public funding for the Rays’ $2.36 billion ballpark, until council member Bill Carlson, absent with a stomach bug, joined the meeting virtually and voted yes (Tampa Bay Times; Florida Politics; FOX 13; DFA Exhibit C). The 4-3 vote borrows nothing yet, but the city attorney says Tampa is obligated for the $80 million either way, and the first $20 million payment is due in January, less than three months to settle how to pay it (Tampa Bay Times; Florida Politics).

Carlson, “the board’s swing vote on the stadium,” was not present when the first vote ended in a tie; “Minutes later, Carlson joined the meeting virtually,” the Times reports, saying, “I happened to turn this on and saw what was happening” (Tampa Bay Times). He said he had developed a stomach bug overnight but joined after turning on the meeting and seeing the debate (Florida Politics). “I picked up some kind of stomach bug last night and you wouldn’t have wanted me in the room today,” he said (FOX 13). After casting his vote he said, “I’m going to go back to bed,” the Times reported (Tampa Bay Times). The second vote passed 4-3: Naya Young, Luis Viera, Alan Clendenin and Carlson voted yes, and Charlie Miranda, Guido Maniscalco and Lynn Hurtak voted no, the same split as when the council approved the funding agreement in August (Tampa Bay Times; Florida Politics). Council Attorney Martin Shelby said Carlson’s remote participation let the council vote again under its longstanding practice of revisiting tied matters when an absent member becomes available; before the recess he had advised that reconsidering the same resolution sooner would take five votes to waive council rules (Florida Politics).

What the vote does is narrow. It lets the city start a bond validation case in the 13th Judicial Circuit, where a judge decides whether Tampa has the legal authority to issue up to $80 million in bonds for its stadium contribution. “The vote does not authorize the bonds themselves. That would require separate Council approval” (Florida Politics). The city’s own cover sheet says the resolution “does not obligate the City to issue any debt for any portion of the City Contribution Amount” and that court validation is a condition of paying it (City of Tampa). “We’re not voting on what mechanism to use, we’re just voting to ask the judge whether we can use this as a source,” Carlson said (Florida Politics). Tampa could issue bonds for all or part of the $80 million or pay without borrowing (Florida Politics); an Oct. 1 memo from the city’s deputy chief financial officer says, “It may be necessary and/or desirable to fund all or a portion of any or all of the four (4) annual payments with debt” (City of Tampa; Tampa Bay Times). “There is still a required vote at county commission,” FOX 13 reports (FOX 13).

City Attorney Scott Steady told the council, “Whether you’re for or against the Rays, we’re in a position right now that we’re obligated for the $80 million” (Tampa Bay Times), and “I think that ship has sailed, at least as to the $80 million” (Florida Politics). Hurtak, voting no, said, “I’m so sorry that you all voted for it and you’ll have to figure out how to pay for it,” and “It’s not my problem,” in the Times’ account (Tampa Bay Times). FOX 13 quotes her as saying, “This is still one of those things that it’s not my responsibility to do,” and “I’m so sorry that you all voted for it, and you’re going to have to figure out how to pay for it,” and “No, not my problem. I’m voting no” (FOX 13). Council Chair Clendenin said, “The deal is done. It’s already signed,” and called the resolution “just putting a tool into the tool box” (Tampa Bay Times). Rays CEO Ken Babby declined to comment; the Rays have said they won’t begin construction until public funding sources are approved (Tampa Bay Times).

The tie mattered because of the calendar. A second try could have slipped to Nov. 5, after Council Member Luis Viera resigns Nov. 2 to run for state House District 67, which could have left the council deadlocked 3-3 again (Florida Politics; Bay News 9). Thursday was Viera’s last regular council meeting, and his replacement had not been picked as of Oct. 15, per the Tampa Bay Times; we found no later report as of about 8 p.m. ET Oct. 18, and our search was partial (Tampa Bay Times). Viera plans to resign at 11:59 p.m. Nov. 2, DRaysBay reports, and because the remaining members face a 3-3 tie on the issue, FOX 13 says, “appointing his replacement could trigger a consequential fight on the council” (DRaysBay; FOX 13). Before Carlson joined, DRaysBay reports, Viera pushed for a special meeting to vote again before he leaves, and a proposed Oct. 29 date ran into resistance, with Hurtak saying she would be out of town that day visiting her mother, who was recently injured in a car accident (DRaysBay). Separately, as of 6:16 p.m. ET Oct. 15, FOX 13 reports, “The council set a special meeting for Oct. 29th to approve a community benefits agreement which is required for the project”; FOX 13 repeated it Oct. 16, calling it “a binding vote Oct. 29 for the community benefits agreement, which must go forward for the deal to be finalized,” under which the Rays promise affordable housing, minority jobs and youth sports fields (FOX 13). Only FOX 13 reports that meeting; as of about 8 p.m. ET Oct. 18 the city calendar lists no City Council meeting on Oct. 29, and lists a council workshop at 9 a.m. and an evening land-use meeting at 5:01 p.m. on Thursday, Oct. 22 (City of Tampa).

More votes follow. City officials must also vote to establish a special taxing district and to direct the money generated there to the team, and “the city must seek a court ruling on whether it can legally go into debt to cover bond payments, which could total an extra $60 million,” FOX 13 reports; it does not say whose estimate that is (FOX 13). If the court approves the city’s plan, “city council will have to hold another vote to finalize taking out the loan” (Bay News 9). The city’s bond counsel, Steve Miller, called Thursday’s vote “strictly a procedural vote,” and Clendenin said, “If we fail to finance this, what you’d be doing is you’d be taking money from other projects, including flooding projects and street reconstruction”; the city could also pay by other means, including tourist development taxes (WUSF). On the county side, commissioners scheduled a hearing and vote for Nov. 10 on using sales taxes for the county’s $796 million share, and Commissioner Harry Cohen told FOX 13, “I think we are beyond the point of no return on this deal. Now, that doesn’t mean that individual commissioners may not vote against certain items moving forward” (FOX 13).

Your stake: if you live, work or own property in Tampa, the city owes the $80 million in four $20 million payments, the first due Jan. 1, 2027 and the rest each Oct. 1 through 2029 (DFA Section 3.2(b)(ii); Florida Politics). Any bonds would be repaid from city revenues other than property taxes and stormwater fund revenues (City of Tampa bond resolution; WUSF), and under the stadium agreement, future property-tax revenue generated by the development would help reimburse the city’s contribution (Florida Politics). What borrowing would cost in all is reported differently. Over a hypothetical 30-year repayment, Chief Financial Officer Dennis Rogero estimated the city could ultimately pay $150 million to $160 million, or just over $5 million a year, and stressed it is still up to the council whether and how much to bond (Florida Politics); WUSF reports the city’s ultimate payments could go up to $140 million because of interest if it issues bonds, without saying whose estimate that is (WUSF). No cited figure supports a per-household amount, so we print none.

The money

The renderings still sell baseball under a roof on Hillsborough College’s Dale Mabry campus. The interesting object is not the glass. It is the ownership group that closed on the Tampa Bay Rays on Sept. 30, 2025, then walked Hillsborough and Tampa into a definitive Development and Funding Agreement in August 2026 (Bay News 9; MLB.com). CEO Ken Babby has put the price on the record: “We bought a baseball team with no current home, no future home and paid $1.7 billion” (Sports Business Journal). SBJ’s timeline also says the group “completes its $1.7 billion purchase of the Rays” (Sports Business Journal).

Patrick Zalupski, 44, founder and chief executive of Jacksonville home builder Dream Finders Homes and a University of Florida trustee appointed by Gov. Ron DeSantis, is managing partner, co-chair, and MLB control person. Bill Cosgrove, chief executive of Ohio-based Union Home Mortgage, is co-chair. Ken Babby is CEO and the public face (Rays release; MLB.com). Stuart Sternberg sold control and kept a 10% stake (Bay News 9; DRaysBay). The private vehicle is Florida Baseball Partners, LLC. The stadium vehicle is Tampa Bay Rays Stadium Company, LLC (StadCo). The public vehicles are Hillsborough’s Community Investment Tax, Tourist Development Tax bonds and reserves, other county cash, a slice of disaster-recovery stormwater money, and Tampa’s $80M installment stack.

That is the cast. In September it hired watchers. On Sept. 16, Hillsborough commissioners voted 5-2 to have the Tampa Sports Authority oversee the ballpark’s design, reviewing documents, materials, schedules, and budgets, with Skanska as its consultant (WFLA; FOX 13). On Sept. 18, the Rays named Legends Global their owner’s representative from pre-design through closeout and put its sales team on naming rights, founding partners, premium seating, and suites (Rays release).

On Aug. 28, 2026, Hillsborough commissioners voted 5-2 to approve the development and funding agreement, the guaranty, and the team non-relocation agreement (Hillsborough County). Tampa City Council had approved the city’s piece 4-3 the day before (Florida Politics). The ballpark is budgeted at $2.361B ($2,360,930,000 in the Stadium Development and Funding Agreement). The Rays commit “$1.37 billion plus cost overruns” (Sports Business Journal). Local public money is about $876M: the agreement caps Hillsborough’s share at $796,010,300 and Tampa’s at $80,000,000 (DFA Section 3.2(a); WUSF; Florida Politics). Those pieces add to about $2.246B, roughly $115M short of the budget (our arithmetic). WUSF reports the Rays will privately place $100M in taxable bonds or notes to finance public components of the ballpark, with debt service paid from tax increment directed to a new Community Development District (WUSF). SBJ reports that $100M of privately placed debt through the new district replaced a planned $100M Tampa Community Redevelopment Agency contribution, and that Tampa’s commitment fell from a proposed $180M to $80M (Sports Business Journal). Under the agreement, StadCo pays every project cost the public contribution does not cover, including all cost overruns (DFA Section 3.2(a)(iii)); Florida Politics puts the Rays on the hook for “roughly $1.37 billion, along with construction overruns” (Florida Politics).

Hillsborough’s own taxpayers face the larger tab. Anyone who shops in Hillsborough pays the Community Investment Tax, the county’s half-cent sales tax for roads and public buildings, and the deal sends up to $360,000,000 of it to the ballpark in four $90,000,000 installments, the first of which the county wants to pay this year (DFA Section 3.2; Tampa Bay Times).

The sales-tax step has moved twice. The agreement approved in August asks for $360 million from the Community Investment Tax; to use it, at least four commissioners must first attend a public hearing, and they vote immediately after it. On Wednesday, Oct. 7, commissioners voted 5-1 to move that hearing, originally expected at 10 a.m. Oct. 21 at the Fred B. Karl County Center in Tampa, to a 6:30 p.m. session somewhere in east Hillsborough, on Commissioner Joshua Wostal’s motion, seconded by Chris Boles; Gwen Myers voted no, and Chair Ken Hagan was not present (Tampa Bay Times; county meeting video). “This is not a strategy move, this is simply a promoting transparency move,” Wostal said. Commissioners are adding the stadium to the tax’s project list retroactively, after the fiscal year began Oct. 1, because they want to give the project its first $90 million installment this year (Tampa Bay Times). On Tuesday, Oct. 13, Hagan undid the move. At the board’s land-use meeting he handed the gavel to Vice Chair Christine Miller and moved to hold the hearing at the regular Nov. 10 meeting; County Attorney Julia Mandell said most commissioners could not meet before November and that the next day they would be available for an evening session was after Nov. 5, two days after the election. Myers seconded, and the motion passed 5-2, with Wostal and Donna Cameron Cepeda voting no (Tampa Bay Times; county meeting video). “Yes, it’s after the election, but it’s with the current board,” Hagan said, and “We’re not preventing the public from speaking” (Tampa Bay Times). Wostal called it “just another attempt to squash and silence even their one and only opportunity to actually have public hearing on the most impactful item in the history of the county” and said, “This should be nonpolitical. This should be about supporting the residents”; his line “you should start drawing up your resignation letter” was aimed at Mandell, not at Hagan (Tampa Bay Times; county meeting video).

Hillsborough Chair Ken Hagan spent more than a decade trying to land this vote and cast it as the county’s largest transformative development. County CFO Tom Fesler and County Attorney Julia Mandell are the staff names attached to affordability and the long condition list before “one dime” moves. Commissioners Harry Cohen, Christine Miller, Chris Boles, and Gwen Myers supplied yes votes with conditions (rent economics, state-road clawback, Community Benefits Agreement floor). Donna Cameron Cepeda and Joshua Wostal voted no; Wostal cited an agreement exhibit showing roughly $569 million in scheduled bond payments over 35 years and called the package one-sided for unincorporated Hillsborough (Florida Politics). They were the two no votes again on Sept. 16 (FOX 13).

Both no votes are leaving or at risk. School board member Stacy Hahn beat Cepeda in the Aug. 18 primary with nearly 55% and faces Democrat Neil Manimala in November (Tampa Bay Times). In Wostal’s countywide District 7 race, a Beacon Insights poll commissioned by Mercury Public Affairs (505 likely Hillsborough voters by text, Sept. 14-15, margin of error 4.41 points) had Aileen Rodriguez at 44% and Wostal at 41%, within the margin, with just over 14% undecided. Wostal had raised about $178,000 through Sept. 4 and Rodriguez about $109,600 through Sept. 18, and the Friends of Joshua Wostal committee has reported nearly $272,000 since 2023 (Florida Politics); on Oct. 2 that committee received $50,000 from Homes by West Bay, LLC, a Riverview builder (Division of Elections). On the yes side in District 1, Jackie Toledo raised about $42,000 over the past two reporting periods to Harry Cohen’s roughly $30,000, but Cohen’s committee, Hillsborough Together, still holds about $279,000, for a campaign and committee total of roughly $397,000 against about $74,000 in Toledo’s campaign account. Nearly three-quarters of the more than $400,000 the committee has raised since the start of 2025 came from Cohen’s family and a family-connected business. Toledo said she would not have used CIT dollars for the stadium (Florida Politics). Four commission seats are on the Nov. 3 ballot: Cohen against Toledo in District 1; Myers against Republican Luiz F. F. Garcia in District 3; Hahn against Manimala in District 5, where the elections office lists Cameron Cepeda as defeated; and Wostal against Rodriguez in District 7 (Hillsborough County Supervisor of Elections). The Nov. 10 vote will be cast by the current board, as Hagan said (Tampa Bay Times).

The meter is running on the public side. County attorneys put the design phase at about $300,000 over the next few months, advanced from the general fund reserve; Mandell said owner’s-representative costs come out of the project budget, so the county will be reimbursed (WFLA). The first phase is Skanska USA Building’s review of the schematic design at $303,370, paid out of the county’s contribution (WUSF). Wostal objected to spending property-tax money on a stadium that “isn’t even finalized.” Cohen said the agreement gives the county “the ability to value engineer the project” (WFLA).

On the private side, Florida Baseball Partners guarantees StadCo. Coverage of the agreement exhibit names Zalupski as the HoldCo principal expected to fund part of StadCo’s equity. Babby is the contractual public face. Legends Global, formed in 2008 as a joint venture between Jerry Jones of the Dallas Cowboys and the Yankees’ Steinbrenner family, counts investment firm Sixth Street among its owners and named Todd Fleming senior vice president and project lead; neither side disclosed the terms or length (Business Observer; WUSF; Rays release).

The builders are lining up. A selection committee chose AECOM Hunt and Turner as the construction manager to lead the ballpark’s development (ABC Action News); in a previous life, AECOM Hunt built Tropicana Field, Benchmark International Arena and Raymond James Stadium (Tampa Bay Times). More than 400 people from the construction industry attended two days of information sessions at Hillsborough College this week on prequalification, work scopes and schedules, hosted by ABC Florida Gulf Coast with AECOM Hunt, Turner and Horus Construction Services (WUSF).

Hillsborough College President Ken Atwater is the land-side beneficiary. The Rays signed a 99-year lease with the college in May that starts once construction begins, and they are paying to move most Dale Mabry classes into temporary on-campus classrooms called The Nest, planned for the spring semester (WUSF). The college puts its campus rebuild at about $215M: the Legislature put $50M in this year’s budget, and the college plans to ask for another $165M. Trustees approved paying Pure Project Management LLC between $1.95M and $2.4M as the college’s own owner’s representative (Tampa Bay Times).

The old building filled for October. On Oct. 3, with the upper deck fully open, the Rays beat the Yankees 1-0 in ALDS Game 1 before an official 40,542, “the highest total at the Trop since Game 5 of the ALDS in 2010” (MLB box score; MLB.com), and on Oct. 7 they beat the Yankees 4-3 at Yankee Stadium in Game 3 to sweep the series, the first sweep in a best-of-five postseason series or longer in franchise history, MLB.com says (ESPN, AP recap; MLB box score; MLB.com). The regular-season Rays averaged 17,469 at home, third lowest in MLB, with the upper deck normally closed (Front Office Sports). The pennant series against Cleveland opened at the Trop with a 7-3 loss before 35,361 on Oct. 12 and a 3-1 win before 32,125 on Oct. 13 (MLB box scores). On Thursday, Oct. 15, at Progressive Field, first pitch 1:10 p.m. ET before 30,101, the Guardians won Game 3 3-2: Nathaniel Lowe’s RBI double in the second and Petey Halpin’s two-run homer in the fifth outscored Chandler Simpson’s two-run triple in the fourth, which scored Yandy Díaz and Victor Mesa Jr.; Gavin Williams got the win, Griffin Jax took the loss and Cade Smith the save, (MLB box score; MLB schedule). Game 4, set for Friday, Oct. 16, was rained out (MLB Stats API; WUSF, AP). The Rays then won twice at Progressive Field: 7-3 on Saturday, Oct. 17, before 33,355, with Aranda driving in two runs and Díaz hitting a two-run homer in the ninth, and 3-1 on Sunday, Oct. 18, before 36,303, with Drew Rasmussen the winner and Bryan Baker the save; they lead the series 3-2 (MLB box scores; MLB schedule; WUSF, AP). Game 6 is at Tropicana Field on Monday, Oct. 19, at 8:08 p.m. ET, where the Rays can clinch the pennant, and Game 7, if necessary, is Tuesday at 8:08 p.m. ET (MLB schedule; our conversion from UTC). DRaysBay says the council’s deadlock was resolved in real time, before Jax had finished his start (DRaysBay). It is a small-payroll pennant: AP put Tampa Bay’s opening payroll 26th at $90.5 million and Cleveland’s last in the majors at $75.5 million (WUSF, AP). The sales pitch for the new ballpark gets its own room: the Rays leased 9,000 square feet on the first floor of Westshore City Center, 1111 N. Westshore Blvd., for a ballpark experience center opening early next year, plus nearly 6,000 square feet upstairs for 40 to 50 employees selling the new ballpark (Business Observer); about one-third of the nearly 15,000-square-foot center will be open to everyone (Florida Politics).

Who pays, who benefits

WhoPays or benefitsDollar / powerVehicleSource
Patrick ZalupskiPays (equity control)Managing partner, co-chair, MLB control person; HoldCo principal on StadCo equity inside the $1.37B Rays commitmentFlorida Baseball Partners → StadCoBay News 9; DRaysBay; ENR/MLB; DFA parties
Ken BabbyBenefits / operatesCEO; says the group “paid $1.7 billion”; says no city or county money moves until the CBA is negotiatedRays / StadCoSBJ 2026-10-02; FOX 13 2026-08-31; MLB.com
Bill CosgrovePays / governsCo-chair, ownership groupFlorida Baseball PartnersMLB.com; Bay News 9
Florida Baseball Partners, LLCPays (guarantor)Guaranty of StadCo obligationsGuaranty agreementWFLA-hosted Guaranty PDF
Legends Global (Todd Fleming)Paid by the Rays (terms undisclosed)Owner’s rep, pre-design through closeout; sales on naming rights, founding partners, premium seats, suitesRays contractRays release 2026-09-18; Business Observer
Hillsborough shoppersPayUp to $360,000,000 of half-cent Community Investment Tax in four $90,000,000 installments; first wanted this yearSales tax for roads and public buildings; hearing set Oct. 13 (5-2) for Nov. 10Tampa Bay Times 2026-10-07 and 2026-10-13; DFA Section 3.2
AECOM Hunt / TurnerPaid to buildConstruction manager; more than 400 trade attendees at outreach sessionsConstruction management contractABC Action News; Tampa Bay Times 2026-08-17; WUSF 2026-10-07
Hillsborough CountyPaysCapped at $796,010,300CIT $360,000,000; TDT bonds and reserve $303,010,300; county funds $103,000,000; CDBG-DR $30,000,000DFA Section 3.2; WUSF 2026-08-21
Tampa Sports Authority / SkanskaWatches for the public$303,370 schematic-design review, paid from the county contributionInterlocal agreement (5-2, Sept. 16)WUSF 2026-09-20; WFLA; FOX 13
City of TampaPaysCapped at $80,000,000, four $20M installments, Jan. 1, 2027 to Oct. 1, 2029; Oct. 15 vote, 4-3, to seek court validation of up to $80M in bonds (no debt authorized)Unsecured city installments, payable from non-property-tax revenues subject to appropriationDFA Section 3.2(b); City of Tampa; Florida Politics; WUSF
Tampa City Council (Bill Carlson, swing vote)Decides how to pay4-3 on Oct. 15: Young, Viera, Clendenin, Carlson yes; Miranda, Maniscalco, Hurtak no; total cost with interest reported differently: CFO’s hypothetical 30-year $150M to $160M (Florida Politics); up to $140M (WUSF)Bond validation resolution; issuance needs a separate voteTampa Bay Times; Florida Politics; FOX 13; WUSF
Ken HaganBenefits politicallyChair who locked the 5-2; moved the Nov. 10 hearing date on Oct. 13; puts bond validation at 60 to 90 daysCounty commissionFlorida Politics 2026-08-28; FOX 13 2026-08-31; Tampa Bay Times 2026-10-13
Joshua Wostal / Donna Cameron CepedaOppose / fiscal brakeNo on Aug. 28, Sept. 16 and Oct. 13; Wostal cited ~$569M of scheduled bond payments over 35 yrs; Cepeda lost her primary; Wostal trails Rodriguez 41% to 44% in a Sept. 14-15 poll within the marginNo votesFlorida Politics; FOX 13; Tampa Bay Times
State of FloridaParallel pay$100M Lithia Pinecrest road pledge; CIT clawback if unpaid by end 2031State transportationFlorida Politics
Hillsborough College (Ken Atwater)Benefits99-year lease from construction start; ~$215M campus rebuild, $50M budgeted, $165M to request; Rays pay for The Nest moveLand / ground leaseWUSF 2026-09-24; Tampa Bay Times 2026-08-26
Stuart SternbergSold control, kept a 10% stakeSale closed Sept. 30, 2025; buyers paid $1.7 billion, per BabbyMinority stakeBay News 9 2025-09-30; SBJ 2026-10-02
StadCo (Rays)PaysEvery project cost the public contribution does not cover, including all overruns; $1.37B plus overrunsStadCo Source of Funds: equity, credit facilities, MLB loan, other private sourcesDFA Section 3.2(a)(iii); SBJ; Florida Politics

How we label: fact (cited totals and names; agreement section numbers; city resolution text) · estimate (the total cost with interest, where sources differ: the CFO’s hypothetical 30-year $150M to $160M, per Florida Politics, and up to $140M, per WUSF, which does not say whose figure it is) · analysis (tax-as-sports-finance teach; the ~$115M budget difference and the county line sum are our arithmetic) · house (OFM)

How it works

Tourist tax and CIT are sports finance. A stadium package is a public-private security: which government writes which check, which tax is bonded versus paid in cash installments, who owns the building after substantial completion, and what leverage the non-relocation clock still gives the public if private financing or court validation stalls.

Hillsborough’s stack, line by line in the agreement: up to $360,000,000 of CIT in four $90,000,000 installments, the first on the county closing date and the rest on Oct. 1 of 2027, 2028 and 2029 or later (commissioners want the first one paid this fiscal year, Tampa Bay Times); tourist-tax bonds with a maximum principal of $263,010,300 plus a reserve payment of up to $40,000,000 from the sixth cent of tourist-tax revenue, with a $35,000,000 second bond tranche on or about Oct. 1, 2031 that is deferred if the county certifies it lacks bonding capacity; $103,000,000 of county fund payments at closing; and $30,000,000 of federal CDBG-DR money that may be applied solely to stormwater infrastructure and improvements associated with the project land. The lines sum to $796,010,300 (DFA Section 3.2 and Exhibit A; our arithmetic), and WUSF lists the same four (WUSF). Tampa’s $80,000,000 is paid in four $20,000,000 installments, Jan. 1, 2027 and Oct. 1 of 2027, 2028 and 2029, from legally available revenues, unsecured and not a general obligation of the city (DFA Section 3.2(b)); WUSF describes it as a four-year advance the city recoups from future property tax revenue in the new district (WUSF). The bond resolution the council sent toward court on Oct. 15 caps any bonds at $80,000,000 in principal, with no series maturing more than 30 years after issue, and leaves the amount, maturity and interest rate to later resolutions; the city’s contribution stays unsecured, payable from legally available revenues other than property taxes and stormwater fund revenues, subject to annual appropriation, not a general obligation, and usable solely for public horizontal capital improvements (City of Tampa bond resolution; WUSF). Florida Politics puts it plainly: the money reimburses public infrastructure costs, not construction of the ballpark itself, and “Under the stadium agreement, future property-tax revenue generated by the development would help reimburse the city’s contribution” (Florida Politics). Interest costs will not be known until officials decide how much to finance and on what terms (Florida Politics). The district may issue its own financing secured by special assessments and increment, or StadCo may substitute its own privately placed financing (DFA Section 3.8(d)). After substantial completion, the roughly 21.5-acre stadium parcel and ballpark transfer to Hillsborough. Rent is reported at $4M a year, inflation-adjusted. The Rays may still seek a separate high-tourism-impact TDT piece that was not inside the $796M vote.

The budget is in Exhibit C: design and professional services $74,300,000, project administration $15,000,000, construction including furniture and equipment $2,001,700,000, permits, testing, fees and insurance $55,300,000, and contingency $214,630,000, for $2,360,930,000. Design is paid by the private contribution, and the Rays put about $40M of sales, legal and government-relations costs outside the budget (DFA Exhibit C; WUSF). Both public caps include interest and investment earnings while the money sits in the construction trust (DFA Section 3.2(a)). That and other money explain part of the roughly $115 million gap between the public caps plus the Rays’ commitment and the budget: Tampa Bay Business & Wealth reports the financing table separately identifies about $54 million in other public funds and investment earnings (TBBW). No source we read reconciles the rest.

September added the watch layer. The public side now pays an owner’s representative, the Tampa Sports Authority with Skanska, to review design documents, construction materials, schedules, and budgets (WFLA). The Rays pay Legends to represent them on budgeting, construction schedules, quality, and risk control (Rays release). Each side has its own eyes on the same build.

What could still stop it

Cash still waits on paper. Three agreements still await Board of County Commissioners approval: the Ballpark License & Use Agreement, the Community Benefits Agreement, and the Construction Funds Trust Agreement (Hillsborough County). Babby calls the CBA the condition precedent to funding and says not a penny from the city or county goes in until it is negotiated (FOX 13). Boles pushed a $60M CBA minimum. Miller’s line was Reagan’s: trust, but verify.

Tampa has taken its step; Hillsborough has not. The county resolution sending its bonds to court for validation is on no agenda, as of Oct. 13, per the Tampa Bay Times, and we found no later report as of about 8 p.m. ET Oct. 18; Mandell told commissioners it cannot be scheduled until two things happen: the sales-tax hearing, now Nov. 10, and an amendment to the tourist development tax spending plan (Tampa Bay Times; county meeting video). As of Oct. 15, per Hillsborough County’s event listings, the county lists the Tourist Development Council’s Oct. 14 meeting, where that plan change was expected first, as cancelled, and does not say whether it moves; it lists a council meeting on Thursday, Nov. 12, from 10:30 a.m. to noon ET at the County Center, with no agenda posted; its 2026 meeting-materials table read “No data available” on Oct. 18 (Hillsborough County; our conversion from the county’s UTC listing). Before the county can sell bonds, the agreement requires commissioners to adopt the bond resolutions and approve CIT project-list amendments, and the bonds must be validated by the Thirteenth Judicial Circuit, with any appeal run or decided by the Florida Supreme Court (DFA Section 3.3(e)). The next major milestone is that validation, which has no firm completion date and could take several months (Sports Business Journal). Major financing validations, land-use approvals and other agreements still must be completed before public money can flow (Florida Politics). Until then, no public money can be spent on construction, and the Rays are financing initial design work on their own (FOX 13). Hagan has put bond validation at 60 to 90 days, with any legal challenge folded in and any appeal going directly to the Florida Supreme Court on an accelerated basis (FOX 13); on the county attorney’s sequence, no county filing can come before the Nov. 10 hearing (Tampa Bay Times). The parties “will endeavor to achieve” a county tax-increment ordinance by Dec. 16, a city ordinance and the ordinance creating the ballpark district by Dec. 17, an increment interlocal agreement by Jan. 15, 2027, and every district approval by June 30, 2027 (DFA Section 3.8(h)(viii)). Tampa’s filing opens its own door to challenge: the city attorney says the court case gives residents an opportunity to contest the legality of the commitment (Florida Politics), and at the Oct. 14 transportation vote Commissioner Wostal asked, “Is the money still guaranteed if the stadium dies for any reason, including a prevailing lawsuit?” and said “there’s almost certainly going to be a legal challenge” (WUSF).

The clock is tight. The August documents required site work to begin in September so the ballpark can be finished by March 31, 2029, and the Rays’ Tropicana Field use agreement expires after the 2028 season (MLB.com). The Rays’ own preliminary schedule, subject to the contractor’s revision, starts demolition Dec. 1, 2026 on a date still to be set with Hillsborough College, the foundation and bowl March 15, 2027, a guaranteed maximum price by May 15, 2027, substantial completion Dec. 31, 2028 and final completion March 31, 2029 (DFA Exhibit H; WUSF). Zalupski had promised to “break ground in September” if the stadium was fully funded (DRaysBay). What is visible is work on The Nest; Tampa City Council Chair Alan Clendenin says land clearing starts “real soon” and vertical construction “some time next spring” (WTSP; WUSF). “It’s mid-October now, and construction has yet to begin,” the Tampa Bay Times reported Oct. 14, and the anticipated September groundbreaking passed without a public groundbreaking event (Tampa Bay Times; Tampa Bay 28). As of 6:16 p.m. ET Oct. 15, per FOX 13, the groundbreaking date is unclear (FOX 13). Mayor Jane Castor said Babby told her in August the team intended a September groundbreaking and “I think it’s imminent”; Babby said, “We’re still fully focused on 2029; nothing has changed,” that work on The Nest begins in the coming weeks, and that the team does not expect roadblocks at the Nov. 10 hearing or in issuing bonds (Tampa Bay Times). WUSF says “The Rays hope to break ground next month,” and FOX 13 reports that Mayor Jane Castor “said she expects groundbreaking to happen in the next month, and team officials have been spending their own money on final site designs” (WUSF; FOX 13). Once bond validation is complete, the Rays can formally break ground (Sports Business Journal).

The site has neighbors. At the Sept. 23 Hillsborough College trustees meeting, seven speakers asked the college not to go ahead with Dale Mabry demolition that the project documents say could come in December; Atwater said the buildings date from the 1970s (Bay News 9). The college tennis center on the site, 10 clay courts, 12 hard courts, and 15 pickleball courts used by nearly 1,200 people a week, has no concrete replacement plan yet, advocates say (FOX 13). Players say the center told them this is their last season there, and it ends in November; Atwater said he has no details or timelines yet, and Babby has floated Al Lopez Park (Bay News 9). Economic development expert John Boyd says the plan could eliminate 2,600 to 3,000 parking spaces used for Raymond James events, and local leaders have not detailed replacements (FOX 13). The agreement also names Amendment 3, on the Nov. 3 ballot: if the city or county, at the Rays’ written request, files for validation before the election and must refile because the amendment or its implementing law passes, the Rays reimburse documented legal fees and costs up to $100,000 combined (DFA Section 3.3(f)). With the county’s validation vote waiting on the Nov. 10 hearing, a county filing before the election is no longer possible on this schedule; Tampa’s council has now authorized the city’s filing, and, as of 6:28 p.m. ET Oct. 15, no source we read (Florida Politics, the Tampa Bay Times, FOX 13) gives its date (Tampa Bay Times; Florida Politics; FOX 13; our analysis; see the Amendment 3 stories). The Buccaneers’ Raymond James ask sits in the same Hillsborough tax well (see companion piece). The roads are moving first. On Wednesday, Oct. 14, the Hillsborough Transportation Planning Organization voted 13-2 for a $10 million package that widens Tampa Bay Boulevard to four lanes from Dale Mabry Highway to Lois Avenue, adds a new intersection at the stadium entrance, and widens Air Cargo Road to four lanes from Tampa Bay Boulevard to West Ohio Avenue, paid from the National Highway Performance Program and state transportation funds, with construction expected to start in 2027 (WUSF; Tampa Bay 28). The programmed total rose from $3,407,714 to $10,283,642, including $9,952,621 for construction (Tampa Bay 28).

Why it matters across Florida

Jacksonville, Miami, Orlando, and Naples already fight franchise math when a team asks the hotel tax or a local sales tax to underwrite a building. Tampa just put named owners, named commissioners, named tax vehicles, and now named watchers on paper. That is the read-across: not “public-private partnership,” but who signs, who bonds, who checks the drawings, and who can still walk. MLB Commissioner Rob Manfred said the league had a Plan B that “wasn’t that good” and “would’ve been a very painful Plan B,” and that “this was their show, not mine.” Hagan said that, based on his last conversation with Manfred, “Come Sept. 1, he was going to put out something that he was allowing the Rays to start to look at other communities” (Sports Business Journal). Tampa’s Oct. 15 vote shows the other half of the bargain: once the agreement is signed, the city attorney says, the city is obligated to pay, and the only open question is how (Tampa Bay Times; Florida Politics).

What to watch

With the Rays up 3-2, ALCS Game 6 at Tropicana Field on Monday, Oct. 19, at 8:08 p.m. ET, where they can clinch, and Game 7, if necessary, Tuesday, Oct. 20, at 8:08 p.m. ET (MLB Stats API; AP lists 8 p.m.; our conversion from UTC). Tampa’s bond-validation filing in the 13th Judicial Circuit, with no date reported as of about 8 p.m. ET Oct. 18, and any challenge to it (Florida Politics). The Oct. 29 binding vote on the community benefits agreement; only FOX 13 reports it, and the city had posted no notice as of Oct. 18 (FOX 13; City of Tampa). The votes to create the special taxing district and send its money to the team (FOX 13). The county commission vote FOX 13 says is still required (FOX 13). How the council decides to fund the first $20 million, due Jan. 1, 2027, and any separate vote to issue bonds (Florida Politics; DFA Section 3.2(b)). Viera’s Nov. 2 resignation, the choice of his replacement and the Nov. 5 council meeting (Florida Politics; Tampa Bay Times). The Tourist Development Council’s Nov. 12 meeting; the county has not said whether the tourist-tax plan change is on it (Hillsborough County). The Nov. 10 Community Investment Tax hearing and the vote right after it (Tampa Bay Times). The county’s bond validation resolution, not yet on an agenda, and the court filing after it. Two Tampa Community Redevelopment Agency items on the deal, postponed to Nov. 12 (WUSF). A City-County Planning Commission hearing in November on the land-use change for the mixed-use district (Tampa Bay Times). The tax-increment and district ordinances targeted for Dec. 16 and 17. The License & Use Agreement, CBA, and Construction Funds Trust Agreement before the county board. Skanska’s $303,370 schematic review. A groundbreaking, which WUSF says the Rays hope for next month and Castor expects within the next month (WUSF; FOX 13); December demolition on the Dale Mabry campus; The Nest for the spring semester. Suites, clubs, and boxes offered to current Tropicana Field suite holders in November, then season members in January, then deposit holders (Business Observer). Four commission races on Nov. 3: Hahn versus Manimala for Cepeda’s seat, Wostal versus Rodriguez, Cohen versus Toledo and Myers versus Garcia. The Westshore experience center opening in early 2027 (Florida Politics; Rays release). The college’s $165M state ask. Any separate high-tourism TDT vote. The Buccaneers’ lease decision, due by January 2027 (FOX 13).

Correction

Correction, Oct. 6, 2026: An earlier version of this story said the Rays sale closed at a price that was never released and was reported near $1.7B. Rays CEO Ken Babby has said on the record that the ownership group “paid $1.7 billion” (Sports Business Journal).

Correction, Oct. 16: An earlier version of this story said ALCS Games 3 and 4 at Progressive Field were both at 6 p.m. ET and that Game 5, on Saturday, Oct. 17, would be played if necessary. Game 3 began at 1:10 p.m. ET on Thursday, Oct. 15, and ended Guardians 3, Rays 2; Game 4 is Friday, Oct. 16, at 6 p.m. ET, and MLB lists Game 5, Saturday, Oct. 17, at 8 p.m. ET, as a scheduled game, not an if-necessary one (MLB Stats API box score and schedule).

Correction, Oct. 16: An earlier version of this story said the Tourist Development Council would meet Wednesday, Oct. 14, from 1 to 2 p.m. ET on the tourist-tax plan change. The county lists that meeting as cancelled; it lists a council meeting on Nov. 12 and does not say whether the plan change is on it (Hillsborough County).

Correction, Oct. 16: An earlier version of this story said Commissioner Joshua Wostal waved an agreement exhibit showing roughly $569 million in scheduled tourist-tax bond payments. Wostal cited an agreement exhibit showing roughly $569 million in scheduled bond payments over 35 years; no source we read says he waved it (Florida Politics).

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