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Rangers, Arlington Reach Ballpark Funding and Closing Agreement

New Texas Rangers Ballpark Rendering

More details on the future Texas Rangers ballpark have come to light, as the Rangers and the City of Arlington have revealed terms of a key agreement. 

The Rangers and Arlington are working to open the new ballpark in 2020. In the meantime, the two sides will look to complete some much-needed steps to ensure that the project stays on scheduled.

Last week, an update of the progress of the ballpark was provided during an Arlington City Council meeting. It was during that presentation that Arlington city manager Trey Yelverton revealed some of the terms of a new Funding and Closing that has been reached by the city and the team. More from Arlington Voice:

The City plans to refund the outstanding bonds from the Dallas Cowboys by Nov. 30, which will provide for deposit of excess tax revenue not needed to pay the debt service.

Any excess tax revenue will be made available to fund construction costs once the Rangers have exhausted their initial $50 Million contribution and received an initial guaranteed maximum price for the construction of the new Ballpark.

“This is similar to the bonds that are used to fund street, water and park programs,” Yelverton said.

In addition, the City must fund the full $500 Million contribution no later than Sept. 18.

The new ballpark was approved by Arlington voters in an Election Day referendum last fall. The ballpark will be constructed on land near the Rangers’ current home, Globe Life Park, and will help anchor the forthcoming Texas Live! development (the rendering above shows the ballpark and the development).

To cover a portion of the project’s cost, the city will issue $500 million in bonds that will be covered by extending taxes–including a half-cent sales tax, a 2 percent hotel tax and a 5 percent car rental tax–that were used for the construction of nearby AT&T Stadium, home of the Dallas Cowboys. The Rangers will pay $2 million in annual rent for use of the city-owned ballpark.

Rendering courtesy Texas Rangers and HKS Architects. 

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