Home Plate Update March 2019 - Page 14

FINANCE FACTS & FIGURES Over the past 12 months, the City of Arlington has reimbursed the Texas Rangers for $461.1 million in Globe Life Field construction work, which is nearly all of the voter-approved $500 million public contribution. The City successfully sold $465.4 million in bonds last year to fully fund the public contribution to the Rangers’ $1.2 billion climate-controlled ballpark, which opens next March. The City expects to make a final reimbursement to the Rangers in either April or May 2019. The City’s bonds will be repaid over 30 years 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 being used to pay down the City’s remaining debt on AT&T Stadium, home of the Cowboys. Arlington’s contribution to the ballpark project is fully funded at $500 million, as the City received a premium for the tax-exempt bonds. CITY FINANCING 14 March 2018 $13,003,829 April 2018 $54,727,616 May 2018 $24,213,666 June 2018 $26,258,787 July 2018 $30,812,005 August 2018 $29,587,748 September 2018 $31,914,111 October 2018 $29,665,519 November 2018 $34,071,620 December 2018 $45,017,205 January 2019 $45,025,953 February 2019 $44,297,066 March 2019 $52,529,215