$200 Million Development Deal Approved with Rangers

By | December 29, 2015

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People are still speculating as to whether or not the Rangers will make the big move to Dallas, while the Arlington City Council is proving that they have the mettle to keep the team by unanimously approving a $200 million deal that would develop a facility directly across the street from Globe Life Park.

 

It’s an unspoken tactic to keep the Rangers in Arlington. But it just might work. In the development meeting, the Arlington City Council reminded everyone of the team’s “long relationship” with the city of Arlington again and again.

 

This $200 million development deal could be the added incentive for the Rangers to stay put. Arlington Councilman Jimmy Bennett again reminded everyone of the long-time positive relationship that the city has held with the Rangers in a recent statement. “They’ve been in our community and been a valuable member for so long. It just speaks volumes to our relationship. And I just think it’s a mistake for people to underestimate Arlington,” Bennett said.

 

Arlington Mayor, Jeff Williams, agreed with Bennett. “Arlington’s partnership with the Texas Rangers spans more than four decades and it’s one that our residents cherish. The Rangers are a key component to making the Entertainment District such a vibrant part of our city and the whole North Texas region.”

 

They’ve successfully proven that they want to continue their relationship with the Rangers with their recent affirmations along with the far more telling pricetag they plan to pay to keep the team in Arlington. The development plans themselves are extremely impressive. Dallas would have to work hard to beat the complex that Arlington has promised the Rangers.

 

It’s a 100,000-square foot structure situated where the current Rangers Parking Lot A is located. The massive development plans to include retail opportunities, restaurants, entertainment venues, and a major event space. But that’s not all, folks. In addition to the main structure, a hotel boasting 300 rooms with an attached state-of-the-art convention center will also be on the development site.

 

$50 million of the funds will come from the Arlington Tomorrow Foundation, provided by the city. The revenues stem from oil and gas revenues generated by the city, and are channeled into community-boosting projects. But the community projects are normally on a much smaller scale than this megalithic undertaking that Arlington is planning on executing.

 

The benefit to using this existing foundation to fund the development is that there will be no new taxes implemented, and the citizens of Arlington will not feel the financial burden. Funds are limited to previously-existing financial resources, so Arlington already has the money to front the substantial bill.

 

The Rangers themselves will carry the rest of the financing, as an investment to the future of the team in Arlington. It’s a $150 million investment, but a smart one. The Rangers’ Executive Vice President of Business Operations Rob Matwick confirmed this in a recent statement.

 

“For the more than 8 million people and visitors that come to the Arlington Entertainment District each year, this project will provide world class entertainment, restaurants, hospitality and allow our guests to come early and stay late,” Matwick said. “Beyond the game, we’re committed to creating a dynamic, best-in-class, 365 day-a-year destination that thrives on non-game days. With your affirmative vote tonight, the Texas Rangers are ready to deliver.”