St. Petersburg, FL -- (Sports Network) - The Tampa Bay Rays outlined plans Thursday for a 34,000-seat waterfront ballpark.

The retractable-roof ballpark will open for the 2012 season if approved by the City Council, the Pinellas County Board of County Commissioners and St. Petersburg residents.

The $450 million facility will be located on the site of the historic Al Lang Field Spring Training grounds. The proposed financing uses funds from the sale of the Tropicana Field site to immediately pay off all of the current City and County stadium debt set to expire in 2016. Private funding sources will comprise a majority of the funds needed for the new ballpark. These sources include a $150 million team contribution, proceeds from the sale of the Tropicana Field site and new parking revenues.

"This financing plan will create the most beautiful ballpark in America and generate millions of dollars for our schools and public services by redeveloping Tropicana Field and its surrounding parking lots," said Rays President Matt Silverman. "The new ballpark and the redevelopment of Tropicana Field not only provide St. Pete two new treasures but also serve as a much needed economic stimulus for our community."

The club, which has played its first 10 seasons indoors at Tropicana Field, would move to a state-of-the-art ballpark with a roof made of weatherproof fabric designed to be pulled along cables and suspended between arches and a central mast structure. The "sail" would be up during the days before games as part of a climate-cooling system designed to lower temperatures 8-10 degrees.

Other features will include the smallest upper deck in baseball and a new public park linked to the waterfront park system.