Tampa Bay Rays MOU | Independent Civic Review

§ 1

Executive summary

The headline figures, then the findings that follow from the draft's own text, then the limits on what this packet can responsibly claim.

Total public contributionDERIVED

$1,001,000,000Fixed dollar amounts stated in the draft, added together.

Stated budget floorSOURCE

$2,300,000,000Expressed as "no less than" — a floor, not a cap or an estimate.

City of TampaSOURCE

$251,000,000

Hillsborough CountySOURCE

$750,000,000

Public share of budget floorDERIVED

43.5%Falls if total cost rises, because the private side absorbs overruns. The public dollar amount does not fall.

Maximum lease termDERIVED

50 years35-year initial term plus five 3-year extension options.

Residual private contributionDERIVED

$1,299,000,000

= $2,300,000,000 budget floor − $1,001,000,000 public contribution

The MOU defines the private contribution as a residual: budget minus Public Funding. It is therefore not a fixed number. It rises dollar-for-dollar with any cost increase above the floor, and the floor is expressed as "no less than".

Stated annual cash rentSOURCE

$10.00per year

This is the stated dollar rent only. The MOU treats the Rays contribution, cost-overrun responsibility, ongoing operation and maintenance, and the CRA Rent Payment as forming, together with the $10.00, "the total rent and consideration". Quoting the $350 alone without that framing would misrepresent the clause.

UnitsNominal U.S. dollars, unmodified for inflation, as stated in the source document. The MOU contains no base-year or escalation convention for the Contribution Amount.

Findings supported by the document

01
The public contribution is a fixed dollar commitment; the private contribution is the residual.
SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
The City commits $251,000,000 and the County $750,000,000 — stated amounts. The Rays obligation is framed as the balance of a budget stated as "no less than" $2,300,000,000, together with responsibility for cost overruns. A fixed public number against a residual private number means that if the project costs more, the additional cost falls outside the public commitment as drafted; if it costs less, the draft does not state that the public contribution decreases.
02
The $10.00 annual rent is not the consideration; reading it in isolation misstates the deal.
SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
The draft sets annual cash rent at $10.00 but expressly provides that the Rays contribution, cost-overrun responsibility, ongoing operation and maintenance obligations, and the CRA Rent Payment together constitute the total rent and consideration. The economically meaningful private obligations are the capital contribution, the overrun exposure, and lifetime O&M — not the cash rent.
03
The Rays assume operation and maintenance of the stadium for the lease term.
SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
This is a material allocation in the public interest. In stadium arrangements where the public entity retains O&M, capital renewal and repair costs recur on the public balance sheet for decades. Under this draft that obligation sits with the team.
04
Tax increment is layered: a CRA-bond carve-out, then a statutory 41% share, then an 85/15 split.
SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
Allowable TIF Revenues exclude increment from property securing the CRA Bonds while outstanding, and exclude the 41% statutory share owed to other governmental entities. Of what remains, 85% is directed to a capital-expenditure fund for the stadium. The compounded effect is that roughly half of gross increment reaches the stadium capex fund, and the precise fraction cannot be computed from this draft because the carve-out is unquantified.
05
The document cannot support a fiscal conclusion, because its financing exhibit is blank.
DOC NOTEDocument observation. A structural or drafting characteristic of the document itself — a defined term used inconsistently, a deadline that has passed, an internal cross-reference to a missing exhibit.
Exhibit "A" (Sources and Uses) is left blank and the draft states it will be completed before execution. Without it there is no principal amount per revenue pledge, no maturity, no rate, and no funding schedule. Any statement about debt service, coverage, or net present value therefore rests on assumptions supplied from outside the document.
06
The draft defers a substantial share of the material terms to future agreements.
DOC NOTEDocument observation. A structural or drafting characteristic of the document itself — a defined term used inconsistently, a deadline that has passed, an internal cross-reference to a missing exhibit.
Non-relocation remedies, community-benefit specifics, cost-overrun mechanics, revenue-sharing detail, and termination consequences are repeatedly left to the Project Agreements. The MOU sets direction and headline numbers; it does not settle the terms that determine who bears loss if the project underperforms.

The Sources and Uses for the New Stadium Project attached as Exhibit "A" will be completed and agreed upon prior to execution of this Agreement.

MOU working draft — Sources and Uses provision

§ 2

Evidence standard and scope limits

This packet is designed so that a panelist can defend any statement in it. That requires being explicit about the single source it rests on, and equally explicit about the space that source does not cover.

The one document consulted

Memorandum of Understanding Regarding New Stadium Project and Future Project Agreements

Status: WORKING DRAFT
Draft date: April 9, 2026
Exhibits: Exhibit "A" — Sources and Uses (left blank in this draft)

Unexecuted. Every page of the draft is watermarked "WORKING DRAFT – APRIL 9, 2026". Terms are subject to change and the draft repeatedly defers material items to the Project Agreements.

How every claim is labelled

SOURCESource document: Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
DERIVEDDerived arithmetic: Computed from figures stated in the MOU working draft. The computation is shown so it can be checked. No outside data is used.
NOT IN SOURCENot established in source: The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
DOC NOTEDocument observation: A structural or drafting characteristic of the document itself — a defined term used inconsistently, a deadline that has passed, an internal cross-reference to a missing exhibit.
YOUR INPUTPanelist assumption: A value you entered in the fiscal model. Not evidence. Outputs computed from it inherit its uncertainty and carry no evidentiary weight.

Scope limits

01
Only one document was available: the April 9, 2026 MOU working draft. No executed agreement, bond document, appraisal, budget, staff report, transportation study, environmental assessment, or economic analysis was provided or consulted.
02
Exhibit "A" (Sources and Uses) is blank in the draft. The allocation of the $1,001,000,000 public contribution among TDT bonds, CIT bonds, CRA bonds, HUD reimbursement, and cash is therefore unknown. So is the Funding Schedule. Neither can be inferred.
03
Because the Sources and Uses is blank, no debt-service figure, coverage ratio, or net-present-value result in this packet can be treated as a projection of the actual financing. The fiscal model is a transparent calculator that runs on assumptions you supply.
04
The packet does not assess probability of any risk, does not estimate economic impact, and does not report comparable-stadium outcomes. Those require evidence that was not available. Sections that would depend on such evidence are presented as research protocols with the required fields left empty.
05
The current status of negotiations, approvals, MLB action, and governing-body votes is unknown. Nothing here should be read as describing the state of play as of any date after the draft.

Dates stated in the draft

These are the milestones the document itself sets. Whether any has been met, missed, or renegotiated cannot be determined from the draft, and the panel should not assume the schedule below is current.

April 9, 2026SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
Date of the working draft under review.
The document is a draft. Exhibit "A" (Sources and Uses) is blank, and the draft states the Sources and Uses "will be completed and agreed upon prior to execution of this Agreement."
June 1, 2026SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
Target date to finalize and approve the Project Agreements.
The draft states the Parties "shall work together to finalize and approve the Project Agreements by June 1, 2026, in order to maintain a schedule that enables timely commencement and completion" by the 2029 target.
March 1, 2029SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
"2029 Opening Day Target Date" for completion of the stadium.
Expressed as a goal — "It is the goal to have the New Stadium Project completed by March 1, 2029, in time for the 2029 MLB season." The draft attaches no penalty to missing it.
Anticipated 2056SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
Anticipated expiration of the extended Drew Park CRA and of the CRA Board.
Thirty years after the redevelopment plan amendment is implemented. This extends the revenue-capture arrangement roughly a decade beyond the 20-year analytical horizon this packet uses.

§ 3

Consolidated term sheet

The economically significant terms in one table, each labelled by provenance. Rows marked NOT IN SOURCE are as material to the panel's work as the rows carrying figures.

City of Tampa contribution

SOURCE

$251,000,000

A stated dollar amount. The draft does not index it, escalate it, or tie it to a percentage of cost.

County / Sports Authority contribution

SOURCE

$750,000,000

Which entity ultimately bears this is expressly left open to the final transaction structure.

Total public contribution

DERIVED

$1,001,000,000

Sum of the two stated amounts. The draft does not present a combined figure.

Total project budget

SOURCE

$2,300,000,000 floor

Stated as "no less than". A floor, not an estimate and not a ceiling. No contingency amount is disclosed.

Private contribution

DERIVED

$1,299,000,000 at the floor

A residual, not a stated commitment: budget minus public funding. Rises dollar-for-dollar with cost increases.

Public share of budget

DERIVED

43.5%

Computed at the floor. Declines as a percentage if costs rise, while the public dollar amount stays fixed.

Allocation among funding sources

NOT IN SOURCE

Not established

Exhibit "A" is blank. The split among TDT bonds, CIT bonds, CRA bonds, HUD reimbursement, and cash is unknown.

Initial lease term

SOURCE

35 years

Commencing on stadium completion, per the draft.

Extension options

SOURCE

5 × 3 years

Exercisable by the Rays Stadium Entity.

Maximum term

DERIVED

50 years

35 + (5 × 3). Extends well beyond the 20-year analytical horizon and beyond typical bond maturities.

Annual cash rent

SOURCE

$10.00

Nominal. The draft expressly treats the capital contribution, overrun responsibility, O&M, and CRA Rent Payment as part of total consideration.

Operation and maintenance

SOURCE

Rays Stadium Entity

A materially favorable allocation for the public side relative to arrangements where the public entity retains O&M.

Cost overruns

SOURCE

Rays responsibility

Mechanics, security, and any guaranty backing this allocation are deferred to the Project Agreements.

Ticket surcharge

SOURCE

Up to $3.50 per ticket

Tickets priced at or below $39 are exempt. Directed per the draft, not to general public revenue.

TIF — statutory share to other entities

SOURCE

41%

Excluded from Allowable TIF Revenues before any allocation to the stadium.

TIF — share to Rays Capex Fund

SOURCE

85% of Allowable TIF

Applies after the statutory share and after the CRA-bond carve-out.

TIF — effective share of gross increment

DERIVED

50.2%

Upper bound only. The CRA-bond carve-out reduces this further by an amount the draft does not quantify.

CRA term after amendment

SOURCE

30 years (to ~2056)

Extends the revenue-capture arrangement roughly a decade past a 20-year review horizon.

Non-relocation protection

NOT IN SOURCE

Not established

Named as a future Project Agreement. No duration, damages, or security terms appear in this draft.

Clawback / recapture

NOT IN SOURCE

Not established

No provision of any kind requires repayment of public funds if commitments are unmet.

Default and termination remedies

NOT IN SOURCE

Not established

The draft contains no default events, cure periods, or remedies for any party.

Public-safety cost reimbursement

NOT IN SOURCE

Not established

Event-day policing, fire, EMS, traffic, and sanitation costs are never addressed.

Term	As stated	Provenance	What it means for the review
City of Tampa contribution	$251,000,000	SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.	A stated dollar amount. The draft does not index it, escalate it, or tie it to a percentage of cost.
County / Sports Authority contribution	$750,000,000	SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.	Which entity ultimately bears this is expressly left open to the final transaction structure.
Total public contribution	$1,001,000,000	DERIVEDDerived arithmetic. Computed from figures stated in the MOU working draft. The computation is shown so it can be checked. No outside data is used.	Sum of the two stated amounts. The draft does not present a combined figure.
Total project budget	$2,300,000,000 floor	SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.	Stated as "no less than". A floor, not an estimate and not a ceiling. No contingency amount is disclosed.
Private contribution	$1,299,000,000 at the floor	DERIVEDDerived arithmetic. Computed from figures stated in the MOU working draft. The computation is shown so it can be checked. No outside data is used.	A residual, not a stated commitment: budget minus public funding. Rises dollar-for-dollar with cost increases.
Public share of budget	43.5%	DERIVEDDerived arithmetic. Computed from figures stated in the MOU working draft. The computation is shown so it can be checked. No outside data is used.	Computed at the floor. Declines as a percentage if costs rise, while the public dollar amount stays fixed.
Allocation among funding sources	Not established	NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.	Exhibit "A" is blank. The split among TDT bonds, CIT bonds, CRA bonds, HUD reimbursement, and cash is unknown.
Initial lease term	35 years	SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.	Commencing on stadium completion, per the draft.
Extension options	5 × 3 years	SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.	Exercisable by the Rays Stadium Entity.
Maximum term	50 years	DERIVEDDerived arithmetic. Computed from figures stated in the MOU working draft. The computation is shown so it can be checked. No outside data is used.	35 + (5 × 3). Extends well beyond the 20-year analytical horizon and beyond typical bond maturities.
Annual cash rent	$10.00	SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.	Nominal. The draft expressly treats the capital contribution, overrun responsibility, O&M, and CRA Rent Payment as part of total consideration.
Operation and maintenance	Rays Stadium Entity	SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.	A materially favorable allocation for the public side relative to arrangements where the public entity retains O&M.
Cost overruns	Rays responsibility	SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.	Mechanics, security, and any guaranty backing this allocation are deferred to the Project Agreements.
Ticket surcharge	Up to $3.50 per ticket	SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.	Tickets priced at or below $39 are exempt. Directed per the draft, not to general public revenue.
TIF — statutory share to other entities	41%	SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.	Excluded from Allowable TIF Revenues before any allocation to the stadium.
TIF — share to Rays Capex Fund	85% of Allowable TIF	SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.	Applies after the statutory share and after the CRA-bond carve-out.
TIF — effective share of gross increment	50.2%	DERIVEDDerived arithmetic. Computed from figures stated in the MOU working draft. The computation is shown so it can be checked. No outside data is used.	Upper bound only. The CRA-bond carve-out reduces this further by an amount the draft does not quantify.
CRA term after amendment	30 years (to ~2056)	SOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.	Extends the revenue-capture arrangement roughly a decade past a 20-year review horizon.
Non-relocation protection	Not established	NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.	Named as a future Project Agreement. No duration, damages, or security terms appear in this draft.
Clawback / recapture	Not established	NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.	No provision of any kind requires repayment of public funds if commitments are unmet.
Default and termination remedies	Not established	NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.	The draft contains no default events, cure periods, or remedies for any party.
Public-safety cost reimbursement	Not established	NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.	Event-day policing, fire, EMS, traffic, and sanitation costs are never addressed.

The structural asymmetry in the funding formula

This is the single most important thing to understand about the money, and it follows directly from the draft's own arithmetic. The public contribution is expressed as two fixed dollar amounts. The private contribution is not a dollar amount at all — it is whatever remains after those two amounts are applied to the project budget, plus responsibility for overruns.

If cost equals the floor

Public $1,001,000,000 · Private $1,299,000,000

Public share 43.5%.

If cost exceeds the floor

Public unchanged · Private absorbs the increase

Public percentage falls; public dollars do not. This allocation favors the public side, and its value depends entirely on the unstated guaranty.

If cost comes in below the floor

Not addressed by the draft

No provision reduces the public contribution or shares savings. The budget is a floor, so this case may not arise as drafted.

"Allowable TIF Revenues" shall mean the TIF Revenues generated from the Overall Property, excluding … the 41% statutory share of TIF Revenues payable to other governmental entities.

MOU working draft — tax increment provision

Increment reaching the Capex Fund — upper bound

DERIVED

50.2%

= 59% Allowable × 85% Allocated

Applies to increment attributable solely to the Overall Property, and expressly excludes any portion of the Overall Property whose property tax revenues secure the CRA Bonds while those bonds remain outstanding. The size of that carve-out cannot be determined from this draft.

§ 4

Clause-by-clause analysis

All 38 operative provisions of the draft, classified by the character of the drafted language. The classification describes how the sentence is written — whether it commits, conditions, aspires, or defers — not whether it would be enforceable, since the instrument is unexecuted.

Mandatory language12: Drafted as an obligation ("will", "shall", "must") without an express condition or effort qualifier. Still contained in an unexecuted draft.
Expressly conditional9: Performance is subject to a stated condition — most often the Funding Conditions, judicial validation, MLB approval, or execution of the Project Agreements.
Best / reasonable efforts2: Obligation is to try, not to achieve. Performance is measured by conduct, and the draft supplies no standard for judging whether efforts were sufficient.
Goal or intent4: Framed as a goal, intention, acknowledgement, or expectation. No obligation attaches and no consequence is specified.
Deferred / unresolved11: The draft names the subject but leaves the substance to the Project Agreements, to a blank exhibit, or to later agreement.

Showing 38 of 38

Parties1

C-01
Identifies the counterparties: City of Tampa; Hillsborough County and/or Tampa Sports Authority; Rays Baseball Club, LLC (Owner); Tampa Bay Rays Stadium Company, LLC (Rays Stadium Entity); CRA Board.
Deferred / unresolved
Source location
MOU p. 1
Party
All
Deadline
—
Enforcement / remedy
Definitional
If not performed
None stated

New Stadium Project2

C-02
Completion of the stadium in time for the 2029 MLB season, described as a goal rather than a covenant.
Goal or intent
Source location
MOU p. 1
Party
All
Deadline
March 1, 2029 ("2029 Opening Day Target Date")
Enforcement / remedy
None stated
If not performed
None stated
C-03
Parties to finalize and approve the Project Agreements on a schedule enabling timely completion.
Goal or intent
Source location
MOU p. 1
Party
All
Deadline
June 1, 2026
Enforcement / remedy
None stated
If not performed
None stated

Site; Ownership3

C-04
County to obtain fee simple title to the stadium site from the Board of Trustees of the Hillsborough Junior College District, then grant the Rays Stadium Entity occupancy by lease, license, or similar instrument.
Mandatory language
Source location
MOU pp. 1–2
Party
County; College (non-party)
Deadline
Not stated
Enforcement / remedy
Not stated
If not performed
Not stated
C-05
Parties to remain flexible on the ownership structure of the site.
Goal or intent
Source location
MOU pp. 1–2
Party
All
Deadline
—
Enforcement / remedy
Good faith
If not performed
None stated
C-06
Rays Stadium Entity to construct both the stadium and a mixed-use development with parks and plazas (together the "Overall Property").
Mandatory language
Source location
MOU pp. 1–2
Party
Rays Stadium Entity
Deadline
Not stated
Enforcement / remedy
Not stated
If not performed
Not stated

Required Approvals1

C-07
City and County to cooperate reasonably in obtaining entitlements, including expediting, while retaining all lawful regulatory discretion.
Mandatory language
Source location
MOU p. 2
Party
City; County
Deadline
Not stated
Enforcement / remedy
Not stated
If not performed
Not stated

Design Standards3

C-08
City and County to review and approve design documents for compliance with Quality Standards and MLB specifications; approval required for change orders that would reduce minimum Quality Standards.
Deferred / unresolved
Source location
MOU pp. 2–3
Party
City; County
Deadline
At design stages to be agreed in the Development and Funding Agreement
Enforcement / remedy
Dispute resolution process in the Development and Funding Agreement
If not performed
Not stated
C-09
City and County hold construction monitoring rights, and pay for exercising them.
Mandatory languageNot stated — public cost
Source location
MOU pp. 2–3
Party
City; County
Deadline
Construction period
Enforcement / remedy
Monitoring only
If not performed
Not stated
C-10
Development structure anticipated to avoid the County procurement process.
Goal or intent
Source location
MOU pp. 2–3
Party
All
Deadline
—
Enforcement / remedy
—
If not performed
None stated

Budget and Costs2

C-11
Total project budget, to be set out in an exhibit to the Development and Funding Agreement.
Deferred / unresolvedEstimated no less than $2,300,000,000
Source location
MOU p. 4
Party
—
Deadline
Exhibit not yet prepared
Enforcement / remedy
Not stated
If not performed
Not stated
C-12
Sources and Uses of funds — Exhibit "A" to the MOU.
Deferred / unresolvedBLANK IN THE DRAFT
Source location
MOU p. 4
Party
All
Deadline
Before execution of the MOU
Enforcement / remedy
—
If not performed
—

Public Funding8

C-13
City contribution to the project.
Expressly conditional$251,000,000
Source location
MOU pp. 4–11
Party
City
Deadline
Per the Funding Schedule (not yet agreed)
Enforcement / remedy
Best efforts, subject to Funding Conditions
If not performed
If a Funding Condition fails, the obligation is delayed rather than reduced; best efforts to find Alternate Funding, excluding general funds
C-14
County contribution to the project.
Expressly conditional$750,000,000
Source location
MOU pp. 4–11
Party
County
Deadline
Per the Funding Schedule (not yet agreed)
Enforcement / remedy
Best efforts, subject to Funding Conditions
If not performed
As above
C-15
Public money restricted to public and publicly accessible components and public infrastructure.
Deferred / unresolvedApplies to the full $1,001,000,000
Source location
MOU pp. 4–11
Party
City; County; CRA
Deadline
—
Enforcement / remedy
To be described in the Project Agreements
If not performed
Not stated
C-16
Bonds to be non-recourse to City and County general funds, taxing authority, and other assets.
Mandatory languageApplies to TDT, CIT, and CRA Bonds
Source location
MOU pp. 4–11
Party
City; County
Deadline
Life of the bonds
Enforcement / remedy
Bond documents
If not performed
Bondholders bear shortfall risk on the pledged revenues
C-17
County to cause issuance of TDT Bonds, in tranches if only part is available, secured by Tourist Development Tax proceeds.
Expressly conditionalTDT Bond Amount — set out in the blank Sources and Uses
Source location
MOU pp. 4–11
Party
County
Deadline
Per the Funding Schedule; balance before stadium opening
Enforcement / remedy
Subject to Funding Conditions
If not performed
Tranching if partly unavailable
C-18
City and County to cause issuance of CIT Bonds; City to deliver its CIT share to the County by interlocal agreement, with an option to pay part as a lump sum.
Expressly conditionalCIT City Contribution Amount — in the blank Sources and Uses
Source location
MOU pp. 4–11
Party
City; County
Deadline
Per the Funding Schedule
Enforcement / remedy
Subject to Funding Conditions
If not performed
Not stated
C-23
County to seek HUD Community Development Block Grant – Disaster Recovery reimbursement for qualifying portions.
Expressly conditionalAmount in the blank Sources and Uses
Source location
MOU pp. 4–11
Party
County
Deadline
Per the Funding Schedule
Enforcement / remedy
Subject to Funding Conditions
If not performed
Not stated
C-29
Parties to take actions required under Treasury Regulation § 1.150-2 to preserve tax-exempt treatment, and to modify timing or mechanics if necessary.
Expressly conditionalNot quantified
Source location
MOU pp. 4–11
Party
Applicable Public Party
Deadline
Reimbursement period limits under the regulation
Enforcement / remedy
Bond counsel practice
If not performed
Bonds may not qualify as tax-exempt

Public Funding — CRA4

C-19
Extend the Drew Park CRA and the CRA Board to roughly 2056, amend the redevelopment plan to authorize stadium use and Capex Fund payments, and issue CRA Bonds.
Expressly conditionalCRA Bond amount — in the blank Sources and Uses
Source location
MOU pp. 6–8
Party
City; County; CRA Board
Deadline
Parallel path with Project Agreements; validation to follow
Enforcement / remedy
Subject to Funding Conditions
If not performed
Not stated
C-20
85% of Allowable TIF Revenues from the Overall Property to be allocated to the Rays Capex Fund until the CRA expires.
Mandatory language85% of Allowable TIF; Allowable = gross increment less the 41% statutory share to other governmental entities
Source location
MOU pp. 6–8
Party
CRA Board; City; County
Deadline
Until expiration of the Drew Park CRA
Enforcement / remedy
CRA plan amendment and Project Agreements
If not performed
Not stated
C-21
If the CRA expires or increment becomes legally unavailable, City and County to use best efforts to establish a Home Rule Tax Increment Area or other lawful capture mechanism giving comparable continuation.
Best / reasonable effortsOpen-ended
Source location
MOU pp. 6–8
Party
City; County
Deadline
On expiry or unavailability
Enforcement / remedy
Best efforts
If not performed
Not stated
C-22
Rays Stadium Entity to cover any shortfall in CRA Bond debt service through a variable CRA Rent Payment.
Mandatory languageEqual to the shortfall
Source location
MOU pp. 6–8
Party
Rays Stadium Entity
Deadline
As debt service falls due
Enforcement / remedy
Rent obligation under the Project Agreements
If not performed
Payments credited back dollar-for-dollar from later increment exceeding the financing model

Rays Capex Fund1

C-24
Fund for capital improvements and repairs, financed partly by public revenue: Allocated TIF Revenues and excess TDT revenues after debt service.
Deferred / unresolvedNot quantified
Source location
MOU pp. 11–12
Party
Rays Stadium Entity (contributions); public revenue streams (sources)
Deadline
Throughout the lease term
Enforcement / remedy
To be agreed in the Project Agreements
If not performed
Not stated

Funding Conditions4

C-25
Public funding commitments conditioned on: judicial validation of the Bonds; the Bonds not being "unmarketable"; satisfaction of all governmental and procedural requirements; and applicable law permitting the funding.
Expressly conditionalGates the entire $1,001,000,000
Source location
MOU pp. 8–10
Party
All
Deadline
Per the Funding Schedule
Enforcement / remedy
Objective, externally verifiable criteria; not discretionary budgeting
If not performed
Unavailable portion is limited to the affected portion and is delayed rather than reduced
C-26
Public Parties not to take action materially impairing the contribution, the Funding Conditions, or the pursuit of other public funding.
Mandatory languageOpen-ended
Source location
MOU pp. 8–10
Party
City; County; CRA Board
Deadline
Ongoing
Enforcement / remedy
Not stated
If not performed
Not stated
C-27
If a Funding Condition fails, City and County to use best efforts to secure Alternate Funding — expressly excluding general funds and funds committed to other purposes.
Best / reasonable effortsUp to the affected portion
Source location
MOU pp. 8–10
Party
City; County
Deadline
Notice within 5 business days of failure
Enforcement / remedy
Best efforts; good-faith collaboration
If not performed
Not stated
C-28
If the TDT Bonds or the CIT Bonds are not validated, no party need proceed with, or provide Alternate Funding for, the public portion.
Expressly conditionalTerminates the public funding obligation
Source location
MOU pp. 8–10
Party
All
Deadline
On failure of validation
Enforcement / remedy
Self-executing
If not performed
Parties to use best efforts to determine whether the project could proceed on an alternative basis

Private Funding2

C-30
Rays Stadium Entity to fund the balance of the budget and to bear cost overruns and design or construction defects.
Mandatory languageResidual: budget less Public Funding. $1,299,000,000 at the $2,300,000,000 floor.
Source location
MOU p. 11
Party
Rays Stadium Entity
Deadline
Per the Funding Schedule
Enforcement / remedy
Owner Guaranty Agreement (terms not in this draft)
If not performed
Not stated
C-31
Ticket surcharge supporting Ticket Surcharge Bonds, counted as part of the private contribution.
Deferred / unresolvedCap of $3.50 per ticket; no surcharge on tickets priced at or below $39.00; CPI adjustment to be specified
Source location
MOU p. 11
Party
Rays Stadium Entity
Deadline
Detailed in the Development and Funding Agreement
Enforcement / remedy
Development and Funding Agreement
If not performed
Not stated

Lease / Use Agreement2

C-32
Lease or use agreement for the Rays Stadium Entity to use, manage, and operate the stadium.
Mandatory languageRent: the Rays' commitments, plus the CRA Rent Payment, plus $10.00 annually
Source location
MOU pp. 12–13
Party
County; Rays Stadium Entity
Deadline
35-year initial term from substantial completion, plus five 3-year options
Enforcement / remedy
Lease
If not performed
Not stated
C-36
City and County right to use the stadium before, during, and after declared local states of emergency.
Deferred / unresolved
Source location
MOU pp. 12–13
Party
City; County
Deadline
As needed
Enforcement / remedy
Project Agreements
If not performed
Not stated

Contingencies1

C-33
City Council, Board of County Commissioners, and CRA Board not to unreasonably withhold approval of Project Agreements consistent with the MOU.
Mandatory language
Source location
MOU pp. 13–14
Party
City Council; BCC; CRA Board
Deadline
On presentation of the Project Agreements
Enforcement / remedy
Not stated
If not performed
Not stated

Revenue, Naming Rights, Signage and Sponsorships1

C-34
Rays Stadium Entity retains all revenue and holds exclusive naming-rights and sponsorship rights over the Overall Property.
Mandatory languageAll ticket, parking, suite, signage, advertising, sponsorship, concession, merchandise, broadcasting, royalty, and licensing revenue
Source location
MOU pp. 13–14
Party
Rays Stadium Entity
Deadline
Lease term
Enforcement / remedy
Lease
If not performed
—

Parking1

C-35
Rays Stadium Entity responsible for providing all parking, accommodating existing agreements.
Deferred / unresolved
Source location
MOU p. 14
Party
Rays Stadium Entity
Deadline
Parking plan in the Project Agreements
Enforcement / remedy
Project Agreements
If not performed
Not stated

Community Benefits Agreement1

C-37
Parties to execute a community benefits agreement addressing local hiring goals, living wage commitments, community access, youth engagement, neighborhood enhancements, and direct community investments.
Deferred / unresolvedNo figure, target, percentage, or duration stated
Source location
MOU p. 14
Party
All
Deadline
Not stated
Enforcement / remedy
Not stated
If not performed
Not stated

Dispute Resolution1

C-38
Parties to develop dispute resolution provisions later.
Deferred / unresolved
Source location
MOU p. 14
Party
All
Deadline
Not stated
Enforcement / remedy
None
If not performed
None

§ 5

Twenty-year fiscal model

A calculator, not a forecast. The MOU's Sources and Uses exhibit is blank, so no financing structure exists in the record. Every value below that is not one of the draft's five stated figures is an assumption you control, and every output moves with it.

Assumption sets

YOUR INPUT

Costs at the stated floor, investment-grade tax-exempt pricing, development stabilizing within eight years.

Public contribution (stated)DERIVED

$1,001,000,000Sum of the two amounts stated in the draft. Does not change with any assumption below.

Debt service, years 1–20YOUR INPUT

$1.21BDedicated tax revenue committed to bond payments inside the window, on your assumptions.

Debt service, full bond lifeYOUR INPUT

$1.81BObligations run past the 20-year window. This is the total across all maturities.

Total interestYOUR INPUT

$895.2MCost of borrowing above par, across all three series.

Principal outstanding at year 20YOUR INPUT

$464.2MDebt still owed when a 20-year review horizon ends.

Contribution not funded by bonds or the HUD grantYOUR INPUT

$101,000,000

= $1,001,000,000 public contribution − $900,000,000 bond proceeds − $0 HUD grant

The draft identifies TDT, CIT, CRA, and HUD CDBG–DR as funding sources but never states how much comes from each. Any balance here would require a cash appropriation the draft does not describe.

Bond structureYOUR INPUTPanelist assumption. A value you entered in the fiscal model. Not evidence. Outputs computed from it inherit its uncertainty and carry no evidentiary weight.

The draft names these three pledged revenue sources. It states no amount, rate, or maturity for any of them.

TDT bond net proceeds$450.0M

Pledged to Tourist Development Tax revenue.

TDT interest rate5.00%

TDT maturity30 yr

CIT bond net proceeds$300.0M

Pledged to Community Investment Tax revenue.

CIT interest rate4.80%

CIT maturity30 yr

CRA bond net proceeds$150.0M

Pledged to Drew Park CRA increment. The draft's CRA Rent Payment mechanism backstops shortfalls on this series.

CRA interest rate6.00%

Increment-backed debt typically prices above general-government credit.

CRA maturity30 yr

HUD CDBG–DR reimbursement$0

The draft names this source and states no amount.

Issuance cost2.00%

Par is grossed up so net proceeds equal the allocation above.

Increment and public costYOUR INPUTPanelist assumption. A value you entered in the fiscal model. Not evidence. Outputs computed from it inherit its uncertainty and carry no evidentiary weight.

The draft requires no development by any date, so increment is entirely conjectural.

Stabilized gross annual increment$20.0M

Gross tax increment from the Overall Property once development stabilizes.

Years to stabilization8 yr

Increment growth after stabilization2.00%

Share of increment pledged to CRA Bonds40%

The draft excludes this from Allowable TIF Revenues while the CRA Bonds are outstanding, but never quantifies the carve-out.

Annual construction monitoring cost$2.0M

The draft assigns this cost to the City and County and states no amount.

Monitoring period4 yr

Net annual public service cost$3.0M

Event-day policing, fire, EMS, traffic, sanitation. The draft establishes no reimbursement obligation.

Service cost escalation3.00%

Discount rate for present value4.00%

Materially changes every present-value result below. Disclose it whenever you cite one.

Analysis horizon20 yr

The CRA runs to roughly 2056 and the lease to as long as 50 years, both beyond a 20-year window.

Debt service by series

Series	Pledge	Net proceeds	Par	Rate	Term	Annual	Total
TDT Bonds	Tourist Development Tax revenue	$450.0M	$459.2M	5.00%	30 yr	$29.9M	$896.1M
CIT Bonds	Community Investment Tax revenue	$300.0M	$306.1M	4.80%	30 yr	$19.5M	$583.9M
CRA Bonds	Drew Park CRA tax increment revenue	$150.0M	$153.1M	6.00%	30 yr	$11.1M	$333.6M
Total		$900.0M	$918.4M			$60.5M	$1.81B

How the tax increment is divided

The draft creates a three-stage waterfall. Shown at the stabilized increment level you set, in the first year after stabilization.

Gross increment from the Overall Property$20.0MYOUR INPUT

Your assumption. The draft requires no development by any date.

Less: increment pledged to CRA Bonds−$8.0MYOUR INPUT

Excluded from Allowable TIF while those bonds are outstanding. The draft does not quantify this carve-out.

Less: 41% statutory share to other entities−$4.9MSOURCE

Rate stated in the draft. Flows to other governmental entities, not the stadium.

Allowable TIF Revenues$7.1MDERIVED

The pool from which the stadium allocation is taken.

85% allocated to the Rays Capex Fund$6.0MSOURCE

Rate stated in the draft. Funds stadium capital expenditure.

15% retained in the CRA$1.1MDERIVED

The residual that stays available for other redevelopment purposes.

Year-by-year, 20-year horizon

Every column except the two stated percentage splits derives from your assumptions. The CRA Rent Payment column is the draft's own backstop: where pledged increment falls short of CRA bond debt service, the draft obligates the Rays Stadium Entity to cover the gap.

Yr	Total debt service	Gross increment	To Capex Fund	Retained in CRA	CRA Rent Payment	Direct outlay	Cum. debt service
1	$60.5M	$2.5M	$752K	$133K	$10.1M	$5.0M	$60.5M
2	$60.5M	$5.0M	$1.5M	$266K	$9.1M	$5.1M	$120.9M
3	$60.5M	$7.5M	$2.3M	$398K	$8.1M	$5.2M	$181.4M
4	$60.5M	$10.0M	$3.0M	$531K	$7.1M	$5.3M	$241.8M
5	$60.5M	$12.5M	$3.8M	$664K	$6.1M	$3.4M	$302.3M
6	$60.5M	$15.0M	$4.5M	$797K	$5.1M	$3.5M	$362.7M
7	$60.5M	$17.5M	$5.3M	$929K	$4.1M	$3.6M	$423.2M
8	$60.5M	$20.0M	$6.0M	$1.1M	$3.1M	$3.7M	$483.6M
9	$60.5M	$20.4M	$6.1M	$1.1M	$3.0M	$3.8M	$544.1M
10	$60.5M	$20.8M	$6.3M	$1.1M	$2.8M	$3.9M	$604.5M

Present value at 4.00%

Discounted to the start of the horizon. These are the most assumption-sensitive figures in the packet — the discount rate alone moves them substantially. Never cite one without stating the rate.

PV of dedicated revenue committed to debt serviceYOUR INPUT

$821.6MPublic revenue streams pledged to bond payments within the horizon.

PV of direct City/County outlaysYOUR INPUT

$60.0MMonitoring plus net service costs. Excludes debt service.

PV of increment to the Rays Capex FundYOUR INPUT

$68.4M85% of Allowable TIF, discounted.

PV of increment retained in the CRAYOUR INPUT

$12.1MThe 15% residual, discounted.

CRA Rent Payments called on, years 1–20YOUR INPUT

$77.0M

Cumulative shortfall between increment pledged to the CRA Bonds and that series' debt service, which the draft obligates the Rays Stadium Entity to cover. A large figure here means the structure leans heavily on a private backstop whose credit support the draft does not describe — the Owner Guaranty is named but never specified. On these assumptions, cumulative increment retained inside the CRA does not exceed cumulative direct City and County outlays within the horizon.

§ 6

Risk allocation register

Who bears each risk as the draft is written. This register deliberately assigns no probabilities and estimates no magnitudes — the record cannot support either, and inventing them would be the fastest way to lose the panel's credibility.

Public5

Private2

Shared2

Unallocated5

R-01
Construction cost overrun
Private
Basis in the draftSOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
The draft assigns cost overruns to the Rays and frames the private contribution as the residual above the public amounts, so increases fall outside the fixed public commitment.
What the draft leaves openNOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
The mechanics, any cap, and the security behind the obligation are deferred to the Project Agreements. The Owner Guaranty is named but never described, so whether a creditworthy parent stands behind the residual cannot be determined.
R-02
Interest rate movement before issuance
Public
Basis in the draftSOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
The public contribution is stated in fixed dollars funded from bond proceeds. If rates rise, the same net proceeds require higher debt service from the pledged taxes.
What the draft leaves openNOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
No rate assumption, hedge, maximum coupon, or not-to-exceed authorization appears in the draft.
R-03
Pledged tax revenue underperforms debt service
Public
Basis in the draftSOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
TDT and CIT revenues are tourism- and consumption-sensitive. The draft pledges them without describing coverage requirements or reserves.
What the draft leaves openNOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
No coverage ratio, debt service reserve, rate stabilization fund, or subordination structure is stated. Whether the pledges are senior, parity, or subordinate to existing obligations is unknown.
R-04
Tax increment fails to materialize
Shared
Basis in the draftSOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
CRA bonds are secured by increment from development. The draft provides a partial private backstop: where pledged increment is insufficient for CRA bond debt service, the Rays Stadium Entity owes a CRA Rent Payment.
What the draft leaves openNOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
The draft imposes no obligation to build the mixed-use development by any date, and states no unit counts, square footage, phasing, or performance security. The backstop is only as strong as the unspecified guaranty behind it.
R-05
Land acquisition fails or costs more than expected
Public
Basis in the draftSOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
The County is to obtain fee simple title from the College and then grant occupancy to the Rays Stadium Entity.
What the draft leaves openNOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
No price, appraisal, valuation method, funding source, or closing date. The College is not a party to the MOU, so no party is bound to convey. This is a precondition to the entire structure.
R-06
Team relocation or departure after public investment
Unallocated
Basis in the draftSOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
A Non-Relocation Agreement is listed among the Project Agreements to be negotiated.
What the draft leaves openNOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
Not one term is specified: no duration, no liquidated damages, no specific performance, no security, no relationship to the lease term. For a public commitment of this size this is the most consequential omission in the draft.
R-07
Public funds spent and commitments not honored
Unallocated
Basis in the draftSOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
The draft contains no clawback, recapture, or repayment provision of any kind.
What the draft leaves openNOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
Nothing requires the return of public money if the development, hiring, community-benefit, or team commitments do not materialize.
R-08
Recurring event-day public service costs
Public
Basis in the draftSOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
The draft never addresses responsibility for event-day policing, fire, EMS, traffic management, or sanitation. It expresses an intention that CIT allocation not affect public-safety funding but creates no reimbursement obligation.
What the draft leaves openNOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
No cost estimate, reimbursement mechanism, or service-level agreement. On this record these are recurring public costs of unknown magnitude for the life of the lease.
R-09
Stadium capital renewal over a term of up to 50 years
Private
Basis in the draftSOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
The draft assigns operation and maintenance to the Rays Stadium Entity, and directs 85% of Allowable TIF Revenues to a capital-expenditure fund.
What the draft leaves openNOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
The standard of maintenance, the capital reserve requirement, end-of-term condition obligations, and what happens to the Capex Fund on termination are not stated.
R-10
Project schedule slips past the 2029 target
Unallocated
Basis in the draftSOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
The opening date is expressed as a goal. The draft attaches no penalty, liquidated damages, or remedy to missing it.
What the draft leaves openNOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
No milestone schedule, completion guarantee, or delay damages. Also no force majeure provision, which is material in a hurricane-exposed jurisdiction.
R-11
Conditions precedent are not satisfied
Shared
Basis in the draftSOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
Performance is expressly conditioned on the Funding Conditions, judicial validation of the bonds, MLB approval, and execution of the Project Agreements.
What the draft leaves openNOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
The draft does not state what happens if a condition fails — no allocation of sunk costs, no termination mechanics, no restoration of the parties to their prior positions.
R-12
Obligated public entity remains undetermined
Public
Basis in the draftSOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
The draft expressly leaves open whether the County or the Tampa Sports Authority carries the County-side obligations, to be resolved by the final transaction structure.
What the draft leaves openNOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
Which body holds title, issues debt, and is accountable changes the governing-board votes required, the statutory regime, and the public transparency obligations that attach.
R-13
Community benefits are not delivered
Unallocated
Basis in the draftSOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
A Community Benefits Agreement is contemplated by the draft.
What the draft leaves openNOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
No dollar amount, hiring target, wage standard, affordable-housing commitment, local-business requirement, monitoring mechanism, or enforcement remedy is specified.
R-14
Oversight of long-term compliance is absent
Unallocated
Basis in the draftSOURCESource document. Stated in the April 9, 2026 MOU working draft. Quoted or closely paraphrased. This is a term of an unexecuted draft, not an executed obligation.
Beyond construction-period monitoring, which the City and County pay for, the draft creates no continuing oversight.
What the draft leaves openNOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
No audit right, reporting obligation, public dashboard, or compliance review over the Capex Fund, the community benefits, or the development commitment.

§ 7

What the draft does not address

An inventory of material subjects the document leaves blank, defers, or never raises. For a review panel this is often more useful than the terms that are present, because it defines the questions that still have answers available.

01
Sources and Uses of funds (Exhibit "A")
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
Blank. Without it there is no principal amount, maturity, rate, coverage ratio, or reserve requirement for any of the three bond issues, and no split between bonded and cash contribution. This is the precondition to all quantitative analysis.
02
Funding Schedule
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
Not agreed. Timing determines capitalized interest, construction-fund earnings, reimbursement-period compliance under Treasury Regulation § 1.150-2, and the sequencing of public money against private money.
03
Non-relocation protections
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
A Non-Relocation Agreement is listed among the Project Agreements. Not one term appears: no duration, no liquidated damages, no specific performance, no security. For a public contribution of this size the strength of this instrument is central, and it is entirely unspecified.
04
Owner Guaranty
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
Listed and undescribed. The private contribution is a residual obligation of a special-purpose entity that also absorbs all cost overruns. Whether a creditworthy parent stands behind it determines whether the overrun allocation in C-30 has substance.
05
Default, termination, and remedies
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
No default events, cure periods, termination rights, or remedies appear anywhere in the draft, for any party.
06
Clawback and recapture
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
No clawback, repayment, or recapture provision of any kind. Nothing requires return of public money if the development, the hiring commitments, or the team commitments do not materialize.
07
Force majeure
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
Absent. Material in a jurisdiction exposed to hurricanes, and to a schedule with a fixed opening target.
08
Public-safety cost reimbursement
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
The draft never addresses who pays for event-day police, fire, emergency medical, traffic, and sanitation services. It states an intention that CIT allocation not impact public-safety funding, but establishes no reimbursement obligation. On this record these are recurring public costs of unknown size.
09
Land value and acquisition price
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
No appraisal, valuation method, purchase price, or funding source for the County's acquisition of the site from the College. Whether public land or development rights transfer at, below, or above market value cannot be assessed.
10
Mixed-use development program and schedule
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
No unit counts, square footage, use mix, phasing, commencement date, completion deadline, or performance security. The CRA financing depends on increment from development that the draft does not require to be built by any date.
11
Affordable and workforce housing
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
No commitment, unit count, affordability level, duration, or enforcement mechanism appears in the draft.
12
Stadium program
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
No seating capacity, square footage, roof type, or design feature is stated. The draft requires compliance with MLB specifications and with Quality Standards that the Rays' architect has yet to prepare.
13
Oversight, audit, and reporting
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
Beyond construction-period monitoring paid for by the City and County, the draft creates no ongoing audit right, reporting obligation, public dashboard, or compliance review over the Capex Fund, the community benefits, or the development commitments.
14
Environmental condition and remediation
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
No environmental assessment, remediation obligation, or liability allocation for site conditions.
15
Transportation, utility, and stormwater capacity
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
The draft requires collaboration on an event-day traffic and security plan. It contains no capacity study, no off-site improvement obligation, no cost estimate, and no allocation of responsibility for infrastructure outside the site.
16
Resilience, flood, and insurance standards
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
The draft lists required insurance types without limits, and sets no design standard for storm surge, flooding, wind, or heat. Insurance cost and availability over a 50-year term are not addressed.
17
Definition of "unmarketable"
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
A condition precedent to the entire public contribution, expressly left to be defined later.
18
Non-baseball and community event guarantees
NOT IN SOURCENot established in source. The MOU working draft does not address this, expressly defers it to the Project Agreements, or leaves it blank. It is not a finding of fact either way.
The stadium is described as a "community gathering place" hosting "a full spectrum of spectator and community events". No minimum number of public or community event days, no access terms, and no pricing appear.

§ 8

Unresolved questions and documents to request

The assignment contemplated comparative case studies, economic-impact evidence, and a negotiation status assessment. None of that can be produced from a single unexecuted draft. Rather than fill those sections with material the record does not support, this packet states what is needed and what each document would settle.

Documents to request, in priority order

01
Completed Exhibit "A" — Sources and Uses
The allocation of the $1,001,000,000 among TDT bonds, CIT bonds, CRA bonds, HUD reimbursement, and cash. Without it no debt-service, coverage, or present-value figure can be anything other than an assumption.
02
The Funding Schedule
Timing of public versus private contributions, capitalized interest, and the sequencing that determines whether public money is at risk before private money is committed.
03
Draft Non-Relocation Agreement
Duration relative to the lease and to bond maturities, liquidated damages, specific performance, and security. The strength of this instrument is the principal protection for the public contribution.
04
Draft Owner Guaranty
Whether a creditworthy entity stands behind the residual private contribution, the cost-overrun obligation, and the CRA Rent Payment backstop. Determines whether those allocations have economic substance.
05
Draft Lease / Use Agreement
Maintenance standards, capital reserve requirements, end-of-term condition, default and termination remedies, and the disposition of the Capex Fund on termination.
06
Bond validation filings and any rating agency presentations
Pledge seniority, coverage covenants, reserve requirements, and whether the pledged taxes already secure existing obligations.
07
County and City budget documents for the pledged revenues
What the TDT and CIT revenues currently fund, which is the only way to assess opportunity cost. This packet makes no claim about opportunity cost because these were unavailable.
08
Appraisal or valuation of the stadium site
Whether public land and development rights transfer at, below, or above market value — a component of total public contribution that the stated figures do not capture.
09
Public-safety and municipal service cost estimates
The recurring annual public cost the draft never addresses, over a term of up to 50 years.
10
Development program for the mixed-use property
Unit counts, phasing, and commencement obligations. The CRA financing depends on increment from development the draft does not require to be built by any date.

Questions the panel can ask on the record

Each is answerable from documents that exist, and each is drawn directly from a gap identified in this packet rather than from any outside assumption.

Q01
What is the allocation of the $1,001,000,000 among the four named funding sources, and what coverage ratios and reserves secure each bond series?
Q02
Is the public contribution capped at $251,000,000 and $750,000,000 in all circumstances, including scope changes and change orders directed by the public parties?
Q03
What entity provides the Owner Guaranty, and what is its financial capacity relative to the residual contribution, the overrun obligation, and the CRA Rent Payment?
Q04
What are the duration, damages, and security terms of the Non-Relocation Agreement, and how do they compare to the 35-to-50-year lease term and to bond maturities?
Q05
Why does the draft contain no clawback or recapture provision, and will the Project Agreements add one?
Q06
Who pays for event-day policing, fire, EMS, traffic, and sanitation, and what is the estimated annual cost?
Q07
What is the acquisition price for the site, how was it determined, and from what source is it paid?
Q08
Will the County or the Tampa Sports Authority carry the County-side obligations, and when will that be decided?
Q09
What portion of the Overall Property will secure the CRA Bonds, and therefore how much increment is excluded from Allowable TIF Revenues?
Q10
What binds the mixed-use development to be built, by when, and with what security if it is not?
Q11
What happens to sunk public costs if the Funding Conditions, judicial validation, or MLB approval fail?
Q12
What continuing audit, reporting, and public-disclosure obligations will apply to the Capex Fund and the community benefits over the life of the lease?

§ 9

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Stakeholder responsibility matrix

Roles stated or contemplated in the draft—not an assessment of any stakeholder's position.

Stakeholder	Drafted role	Material unknown
City of Tampa	$251M contribution; approvals; monitoring	Final financing allocation; monitoring cost; remedies
Hillsborough County / TSA	$750M contribution; site title; bond issuance	Final obligated entity; land price; pledge structure
Rays Stadium Entity	Residual private funding; overruns; O&M	Guaranty strength; development schedule; security
Drew Park CRA Board	CRA plan changes; increment allocation	Bond carve-out size; long-term reporting
Hillsborough College	Proposed conveyance of stadium site	Not a party; price, appraisal, and timing unstated
Residents and taxpayers	Public funding and opportunity-cost exposure	No direct rights or enforcement mechanism stated

Source library

Primary document

Memorandum of Understanding Regarding New Stadium Project and Future Project Agreements · Working Draft · April 9, 2026 · 16 pages.

Exhibit “A”—Sources and Uses—is blank. The document is unexecuted and material terms are deferred to later project agreements.

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≈ 1 min

The document before us is an unexecuted working draft dated April 9, 2026, not a final project agreement. It describes a stadium budget of no less than $2.3 billion and fixed City and County contributions totaling $1.001 billion. The Sources and Uses exhibit is blank, so the draft does not establish how the public contribution would be allocated among the named financing sources. As drafted, the Rays contribution is the residual above public funding and the Rays are responsible for cost overruns, design defects, and construction defects. The draft assigns operation and maintenance to the Rays during the lease term, a meaningful private obligation that should not be reduced to the stated ten-dollar annual cash rent. The responsible next step is not to manufacture a yes-or-no conclusion from incomplete terms. It is to obtain the completed Sources and Uses, the funding schedule, the owner guaranty, the non-relocation agreement, and the public-service cost estimates; then test the final proposal against transparent fiscal and public-interest standards.

Builder language is drawn from the source-labeled analysis above. Any panel note is explicitly marked and should be independently reviewed before public presentation.

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Findings supported by the document

How every claim is labelled

Scope limits

Dates stated in the draft

The structural asymmetry in the funding formula

Parties1

New Stadium Project2

Site; Ownership3

Required Approvals1

Design Standards3

Budget and Costs2

Public Funding8

Public Funding — CRA4

Rays Capex Fund1

Funding Conditions4

Private Funding2

Lease / Use Agreement2

Contingencies1

Revenue, Naming Rights, Signage and Sponsorships1

Parking1

Community Benefits Agreement1

Dispute Resolution1

Bond structureYOUR INPUTPanelist assumption. A value you entered in the fiscal model. Not evidence. Outputs computed from it inherit its uncertainty and carry no evidentiary weight.

Increment and public costYOUR INPUTPanelist assumption. A value you entered in the fiscal model. Not evidence. Outputs computed from it inherit its uncertainty and carry no evidentiary weight.

Debt service by series

How the tax increment is divided

Year-by-year, 20-year horizon

Present value at 4.00%

Documents to request, in priority order

Questions the panel can ask on the record

Purpose

Privacy

Attribution

Stakeholder responsibility matrix

Primary document

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For the public record

Read the deal.
Question the gaps.