Tampa City Council voted 4-3 Thursday to approve funding for a proposed $2.3 billion stadium and mixed-use development, with the ultimate goal of bringing the Tampa Bay Rays closer to the city of Tampa.

According to WTSP.com, under the plan about $876 million would come from direct contributions from both the city of Tampa and Hillsborough County.

RENDERINGS: Tampa Bay Rays reveal new 31,000-seat ballpark

Community Investment Tax money from the city will not be used. Instead, there will be a tax increment financing district, also known as a TIF, around the proposed stadium and mixed-use development. This development would include restaurants, residences and retail stores.

A portion of that new property tax would then be used to pay back the city’s $80 million and another $100 million loan from the Rays.

This process has been years in the making. Back in October of 2024, Hurricane Milton damaged the roof of Tropicana Field, causing it to temporary close.

The Rays played at Steinbrenner Field during the 2025 season before returning to The Trop this April. The stadium was in need of renovations and after new owners took over in 2025, they have been trying to find a ballpark in the city.

Thursday’s vote was a big step, but not a done deal yet.

Hillsborough County commissioners are expected to take up the deal Friday.