If the Rays default on the deal

If the Rays fail to meet the March 31 deadline to demonstrate they have $700 million and have progressed enough to move the deal forward, or if they terminate the agreement with the city, they will be in default and the stadium project will collapse. Plans to construct the $1.3 billion stadium will be scrapped.

However, this does not mean the Rays will leave immediately. They are still bound by the original 1995 agreement to play at the Trop. Even though the agreement was set to expire in 2027, it gets extended by one year for each year the Trop remains inoperable.

The St. Petersburg City Council will vote on March 27 to decide whether to replace the Trop’s roof, with repairs expected to be completed by 2026. If the Trop is repaired, the Rays would continue playing there until the end of the 2028 season.

It raises the question of whether Tampa might re-enter the picture, especially given the strong attendance at Steinbrenner Field this season.

Tampa Mayor Jane Castor, who has previously pursued the Rays, has expressed interest in revisiting the idea of bringing them to Tampa. She has stated that she is supporting St. Petersburg but would be open to discussing options if necessary.

The development of the Historic Gas Plant District and the ambitious plans for condos, affordable housing, opportunities for minority-owned businesses, and a new location for the Woodson African American Museum of Florida would be postponed. St. Petersburg Mayor Ken Welch insists that these plans will proceed regardless, but the city would have to seek new proposals if the Rays pull out.

The Rays are no longer entitled to profits from the redevelopment of Trop land, as per a contract amendment made in July. Welch maintains that the Historic Gas Plant will be revitalized regardless of the Rays’ involvement, though their withdrawal would cause delays.

If the Rays move forward with the deal

If the Rays fulfill all requirements by March 31, the project can move forward. Work that was halted in November due to cost concerns could resume.

Should the Rays find a solution, they must act swiftly. In addition to proving their financial capabilities, they must demonstrate that the stadium design documents are at least halfway complete, obtain construction permits, and present a project budget and schedule for approval.

Proceeding would entail the Rays receiving a $1.3 billion stadium partially funded by the public and committing to playing in St. Petersburg for the next 30 years. The Rays and Hines would have the option to purchase around 65 acres of public land for $105 million, retaining all revenues, naming rights, and sponsorships while assuming responsibility for insurance and maintenance.

Under the agreements, the Rays and Hines are required to complete 40,000 square feet of development by the end of 2030, including rent-restricted housing and 100 units of senior housing.

Times staff writer Divya Kumar contributed to this report.