Well today the cat got let out of the bag. No more secrecy. The Rangers will be staying in Arlington for
the next 37 years! Right? Not so fast.
The Rangers will be staying in Arlington if the voters approve the
continuation of the 1/2 cent sales tax after AT&T Stadium is paid off. The purpose of the sales tax continuation is
to buy ½ of a new retractable roof stadium for the Rangers to play in for those
37 years.
Why the urgency since the Rangers have a contract to play
here for the next 8 yrs? The Rangers
were being pursued by our friends from the east. Dialogue from a billionaire was started and
overtures were made that perked the ears of certain people in local government. Although we had been talking to the Rangers
for a few years, this accelerated the
process. We had formulated a partnership
with the Rangers, and the Cordish Group
for Texas Live, and a new 300 room hotel.
The new ballpark will be an extension that will perpetuate the synergy
at the stadiums for decades to come. However
more additions to the Texas Live project might be added in the future.
What would happen to the old ball park? The City and the Rangers are in discussions
concerning the future of Globe Life Park.
Some signature elements could be preserved like the façade, and the
Center Field Office spaces. Some Retail
could remain and or be added. But most
likely an office development, some parking features and/or possibly the extension
of Texas Live will be Globe Life’s future.
What is the timeframe for the building of a new
Stadium? With the Rangers providing the
initial funding as early as 2017, the hope is that construction will start in
that year, with play starting in 2021.
Why not just put a roof on the existing ball park? In order to roof the existing stadium it
would cost around $900 million, and I’m certain that it would look terrible
like the Mariners Stadium in Seattle.
Essentially it looks like a huge erector set sitting off to the south of
the field, hideous! This new domed/retractable
stadium will serve the Rangers fans for decades to come in air-conditioned comfort
or when the weather is nice the roof will be opened.
Before I close I wanted to add that the $500 million
expenditure for the stadium will return $2.53 billion to the community over the
course of paying off the bonds. Anytime
I can spend a buck and get five in return it’s probably a good thing. I like 500% on my money even if it takes 30
yrs.
Remember that the future of the Rangers is in the hands of
the people. A “YES“ vote will keep the
Rangers in Arlington, where as a “NO” vote will send them to Dallas.