TEXAS RANGERS ANNOUNCE HKS AS ARCHITECT FOR BALLPARK PROJECT
FIELD OF DREAMS :
T hanks to voter support , work will soon be underway on the new $ 1 billion retractable roof Texas Rangers ballpark in Arlington ’ s Entertainment District .
Construction is expected to start this summer on the climatecontrolled stadium , which is being built as a public-private partnership between the City of Arlington and the Texas Rangers . The ballpark is expected to open just south of Globe Life Park in Arlington in time for the start of the Texas Rangers ’ 2020 season .
CITY SELECTS BOND UNDERWRITERS
The City of Arlington selected a skilled team of bond underwriters to assist with the complex financial and legal transaction for the future Texas Rangers ballpark .
Under the public-private partnership with the Texas Rangers , the City ’ s contribution for the proposed stadium is capped at $ 500 million . In February , the Arlington City Council appointed a bond underwriting team to sell bonds on the City ’ s behalf .
The bond underwriting team will assist the City in the future ballpark transaction .
The Texas Rangers ’ 30-year lease on the City-owned Globe Life Park was set to end in 2024 . Losing the team to another city would have meant the loss of millions of dollars in economic impact annually for both Arlington and Tarrant County . The Rangers ’ partnership with Arlington now extends through January 1 , 2054 thanks to a voter-approved ballpark and a master agreement with the team approved by City
Council last May .
RANGERS WORKING GROUP
Involves key City personnel , contractors and Texas Rangers ’ staff working collaboratively to successfully complete the project . The Executive Steering Committee guides the overall implementation of the project and is comprised of the City Manager , Deputy City Managers and City Attorney .
The City of Arlington received 29 proposals during its search for a bond underwriting team . The team appointed by City Council comprises :