Home Plate Update June 2018 - Page 2

City Begins Contributions to Ballpark Construction Costs The City of Arlington began making its public contribution toward construction of Globe Life Field earlier this year. The City successfully sold $465.4 million in bonds in March 2018 to fully fund the voter-approved contribution of $500 million to the Texas Rangers’ $1.1 billion retractable-roof ballpark, which opens in 2020. Between March 21 and May 23, the City made four payments totaling $91.9 million to the Texas Rangers for construction costs. being used to pay down the City’s remaining debt on AT&T Stadium, home of the Dallas Cowboys. These bonds will be repaid with revenue generated by three existing venue taxes – a half-cent sales tax, a 2 percent hotel occupancy tax and a 5 percent vehicle rental tax, along with the $2 million a year in rent for the ballpark that will be paid by the Texas Rangers beginning in 2020. These venue taxes are also Arlington’s contribution to the ballpark project is fully funded at $500 million, as the City received a premium for the tax-exempt bonds. Payment certificates toward the ballpark’s public contribution are posted on the City of Arlington’s Ballpark Project webpage under the Ballpark Documents section. GLOBE LIFE FIELD TIMELINE 2018 JUNE • Continuation of pouring decks on suite and main concourse level JULY • Start club level interior construction AUGUST • Completion of North Plaza SEPTEMBER • Start main concourse interior construction (thru December 2019) 2 OCTOBER • Start Roof Truss construction 2019 FEBRUARY • Start exterior skin MARCH • Bowl seating begins (thru September 2019) APRIL • Concrete structure complete AUGUST • Fixed low roof complete 2020 JANUARY • Concession area complete • Operable roof complete FEBRUARY • Playing field complete MARCH • First events and games