Arlington is planning to refinance its remaining debt on AT&T Stadium, a move that it hopes will help cover the costs of Globe Life Field.
The debt on AT&T Stadium, home of the Dallas Cowboys, had an original maturity date of 2034, but it was previously estimated that the costs could be paid off at least 14 years early. The City of Arlington, however, is planning to issue bonds early next year for the construction of Globe Life Field, the new home of the Texas Rangers.
In order to the pay the debts of both facilities simultaneously, Arlington is planning to refinance its remaining AT&T Stadium debt. Current estimates suggests that by refinancing AT&T Stadium debt, the city could save around $138 million in interests in fees. More from Arlington Voice:
The principal and interest currently owed on the City’s portion of the AT&T Stadium debt is approximately $171 million, now that the debt has been re-funded.
City Treasurer Ethan Klos said the refinancing is a win-win situation for all parties involved.
“We have been looking at re-funding for some time now,” Klos said. “It was only because of the new ballpark that we decided to do it at the present.”
The city’s contribution to Globe Life Field was approved via voter referendum last November. Under the terms of that plan, the taxes used to back bonds for construction of AT&T Stadium are to be extended an 30 additional years to finance $500 million in debt on Globe Life Field. Those taxes include a half-cent sales tax, a 2 percent hotel tax and a 5 percent car rental tax. The Rangers are currently expected to move into the retractable-roof Globe Life Field for the 2020 season.
In other new-ballpark news, the Rangers and architect HKS plans to release updated renderings for the project tomorrow. Should be interesting.