Agreement to provide lender protections that allowed the Rangers to close on its financing.
The City of Arlington anticipates selling bonds for the Globe Life Field project in early 2018. The City’ s portion of the ballpark debt would 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 paid by the Rangers. The venue taxes are also being used to pay down the City’ s remaining debt on AT & T Stadium.
Breaking Ground
City and community leaders, along with the Texas Rangers, will celebrate the groundbreaking of the ballpark project on Thursday, September 28.
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