Texas Rangers Ballpark Project
Big changes are on the way for Arlington’ s world-class Entertainment District. The Texas Rangers and its development partner, The Cordish Companies, plan to break ground on the new Texas Live! Entertainment Development Complex in early 2017. But that won’ t be the only major construction project under way. The Rangers will also break ground in 2017 on a new ballpark, set to open in 2020 adjacent to Texas Live! Dreams get done in Arlington.
New Ballpark Extends Rangers Partnership Through 2054
Last November, Arlington residents overwhelmingly voted to approve extending existing venue taxes to help build the Texas Rangers a new retractable roof ballpark.
Construction is expected to start this summer on the estimated $ 1-billion climate-controlled stadium, which is being built as a public-private partnership between the City of Arlington and the team. The ballpark is expected to open just south of Arlington‘ s Globe Life Park in 2020.
The Texas Rangers’ 30-year lease on the City-owned Globe Life Park was set to end in 2024. But with a new voter-approved ballpark and a master agreement with the team approved by City Council last May, the Rangers’ partnership with Arlington now extends through January 1, 2054.
Sixty percent of residents voted
November 8, 2016, to help publicly finance the project by extending existing venue taxes approved in 2004 to build AT & T Stadium for the Dallas Cowboys. These taxes – a half-cent sales tax, a 5 percent car rental tax and a 2 percent hotel occupancy tax – will help pay off the City’ s contribution to the ballpark project.
While designs and costs have not been finalized, the new ballpark and related infrastructure are estimated at $ 1 billion. The master agreement for this public-private partnership calls for a 50-50 split between the Texas Rangers and the City of Arlington, with the City’ s financial contribution capped at $ 500 million.
In addition to venue taxes, the City’ s ballpark bonds will be repaid using the $ 2 million in ballpark rent paid by the team annually.
Early conceptual rendering of the future Texas Rangers ballpark, set to open in 2020.
Texas Live! Development to Bring Restaurants, Shops
Baseball and football fans hungry for extra entertainment, shopping and dining options won’ t have far to travel once Texas Live! opens.
In December 2015, the Arlington City Council approved a public-private partnership with the Texas Rangers to create the entertainment complex near the future ballpark and AT & T Stadium. The first phase of the project, set to open in 2018, will feature best-in-class restaurants, retail and entertainment venues, along with a signature event space for up to 5,000 people. A 300- room upscale hotel with 35,000 square feet of convention space is also expected to open later that year.
The Cordish Companies, an award-winning development firm with expertise in mixed-use, entertainment and sports developments, is the Rangers’ development partner on Texas Live!
As part of a public-private partnership, the City of Arlington plans to contribute $ 50 million in natural gas revenue toward the Texas Live! project. If project milestones are met, the City is also prepared to provide performancebased incentives that include allowing the team to retain income from the following sources: hotel occupancy tax, property tax, sales tax and mixedbeverage tax for 30 years from the City and hotel occupancy tax and sales tax from the state for 10 years.
Popular Annual Financial Report | 9