TAMPA, Fla. — Hillsborough County is waiting for a response from the Tampa Bay Rays.
- Hillsborough County presents terms for Rays stadium; wants response from Rays
- Team has December 31 deadline or may have to seek extension
- READ: Memo released by County Administrator Mike Merrill
- LINK: Tampa Bay Rays 2020 website
During Wednesday's Hillsborough County commission meeting, county officials laid out terms and guidelines for financing a proposed Rays stadium in Ybor City.
Now the county is waiting for a response from the team on the next move for the $900-million stadium project.
Team officials have a Dec. 31 deadline to work out some type of financing framework with the county - or an extension will have to be worked on.
The team's lease at Tropicana Field runs through 2027 but the Rays could pay a $2-million fee to opt out of that deal.
Ahead of the commission's meeting on Wednesday, County Administrator Mike Merrill released a memo.
Merrill detailed a "responsible and feasible framework that could be proposed as a basis for future negotiations" with the Rays.
They want the Rays to commit on how much the team is willing to put financially to make the new Ybor stadium a reality.
Under new tax rules, the Ybor site is designated as an "Opportunity Zone" which means it's an invitation for outside tax-free private investment.
"A lot has to be done yet," Merrill said. "All points this could fall apart. (But) we feel comfortable enough to put in writing the framework."
The county's terms terms focus on a financing package largely made up private dollars. The package would leave about half of the $892 million to be paid by the Rays, along with any cost overruns.