Home Plate Update December 2018 - Page 12

City Has Paid Out More Than Half of Its Ballpark Construction Contribution to Date S o far, the City of Arlington has paid out more than half 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 November 6, the City has made 10 payments totaling $274.3 million to the Rangers for construction costs. The ballpark 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 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. CITY FINANCING March 2018 April 2018 May 2018 June 2018 July 2018 Aug 2018 September 2018 October 2018 November 2018 Total to date: 12 $13,003,829 $54,727,616 $24,213,666 $26,258,787 $30,812,005 $29,587,748 $31,914,111 $29,665,519 $34,071,620 $274,254,901