Home Plate Update September 2018 - Page 9

City's Permitting Work Continues on Texas Live!, Hotel Projects Since June 2018, the City of Arlington processed approximately 50 additional permits related to the successful opening of Texas Live! as well as construction of the nearby Live! by Loews Hotel. Over the past three months, the City has reviewed and approved: • • • • • 15 additional sign permits, with more anticipated to come. The required irrigation permit for Texas Live! landscaping The required Certificate of Occupancy permits for Texas Live! Multiple fire permits Platting for the Texas Live! and Live! by Loews site, which is expected to be an ongoing process for the next few years. One of the permits most recently submitted to the City for review is a swimming pool permit for the 14-story CITY HAS is PAID hotel, which set to OUT open $178.6 next year. MILLION The pool is IN approximately CONSTRUCTION 4,300 square feet and COSTS has the capacity BALLPARK TO DATE of 80,000 gallons. The accompanying fountain is approximately 800 square feet. “At this time, the primary focus for the project is the completion of the Live! by Loews hotel without negatively affecting the progress of the new stadium construction,” said Jennifer Pruitt, Development Services Planning Manager. “We also are very cognizant of keeping the positive energy, momentum and synergy that is expected from the daily operations of Texas Live!, which is vital to the success of our newest entertainment venue.” City Has Invested $178.6 Million in Ballpark Construction Costs to Date So far, the City of Arlington has invested more than one- third of the voter-approved $500 million public contribution toward Globe Life Field. Earlier this year, the City successfully sold $465.4 million in bonds to fully fund the public contribution to the Texas Rangers’ $1.2 billion climate-controlled ballpark. Between March 21 and August 21, the City has made seven payments totaling $178.5 million to the Rangers for construction costs. The stadium opens in March 2020. The City’s 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 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. Payment certificates toward the ballpark’s public contribution are posted on the City of Arlington’s Ballpark Project webpage under the Ballpark Documents section. 9