The City of Arlington has finalized a plan to restructure its debt from the Dallas Cowboys' AT&T Stadium to pay for half of the new $1 billion stadium for the Texas Rangers.
The Fort Worth Star Telegram reports that the City of Arlington is currently using tax revenue to pay off its $325 million share of the AT&T Stadium. The City of Arlington is planning to refinance its remaining $147 million of AT&T Stadium debt by November 30th, extending the note to its original payoff date in 2034. The City was previously on track to pay off the note by 2021.
The bonds will be repaid by 2048.
The City of Arlington also approved an agreement to allow the Rangers to charge a 10 percent admissions tax and a $10 parking tax to cover its share of the stadium cost. Voters approved these charges with the approval of the stadium in November of 2016.
The stadium is expected to be open by 2021.
