The Hillsborough County Commission in Florida has approved a financing plan for the Tampa Bay Rays' new stadium, paving the way for the $2.3 billion project, as reported by infohub.kz.
In a vote on Friday, the commission approved $796 million for the mixed-use entertainment district, which includes a new 31,000-seat stadium near Raymond James Stadium, home of the NFL's Tampa Bay Buccaneers. The new stadium is expected to open in 2029.
On Thursday, the Tampa City Council had approved $80 million for the project. Rays CEO Ken Babby emphasized that the partnership with the county and city secures the long-term future of baseball in Tampa Bay.
"We now look forward to celebrating before breaking ground with Hillsborough County and the City of Tampa on a future that has long been doubted, but will indeed happen," Babby said. "By making the Forever Home a reality, the Rays are now home forever in Tampa Bay."
The Rays have committed to contributing at least $1.3 billion, plus any cost overruns. An additional $30 million will come from federal disaster recovery funds.
Earlier this year, the Rays' ownership reached an agreement with Hillsborough College to build the stadium and entertainment district on the campus and to renovate some of the school's buildings. The property is located next to the New York Yankees' spring training facility and across a highway from the NFL stadium.
Since the team's inception in 1998, the Rays have played at Tropicana Field in St. Petersburg, except for moving home games to the Yankees' George M. Steinbrenner Field in 2025 following hurricane damage at the Trop. The Rays' lease runs through at least the 2028 season. The team returned to the Trop last month for the start of this season.
A proposed $1.3 billion redevelopment deal for a new ballpark adjacent to the Trop fell through last year, raising new questions about the future of the team, which was bought last September by Patrick Zalupski's ownership group.
"This has been a long and challenging process, and we know that transformational projects rarely come easily," Zalupski said Friday. "Today's vote represents an extraordinary milestone, not simply for the Rays or for a ballpark, but for the future of Tampa and the entire Tampa Bay region."