The metropolis of Arlington has decided on a skilled group of bond underwriters to help with the complex’s monetary and legal transactions for the future Texas Rangers ballpark.
What Residents Should Know
Arlington obtained 29 proposals in the course of its look for a bond underwriting team. The group appointed via town Council contains Citigroup, Morgan Stanley, Siebert Cisneros Shank & Co., the bank of America Merrill Lynch, RBC Capital Markets, Piper Jaffray, Frost bank and Loop Capital Markets. In turn, the underwriters may be compensated out of bond proceeds.
The Texas Rangers Are Here To Stay
Everyone did kind of worry about the Texas Rangers threatening to leave. For this reason, the Rangers future ballpark is set in motion. By the same token, the stadium will also be covered by the public-personal partnership with the Texas Rangers. The city of Arlington is contributing one billion dollars toward the air-conditioned stadium, with the retractable roof. As a result, the city capped at $500 million. Which is why a bond underwriting team will promote bonds on the city of Arlington’s behalf.
Your Tax Dollars Are Safe!
Arlington residents debt could be repaid with sales generated by other means. Such as the income generated by existing venue taxes. Susan Schrock Communication Coordinator- City of Arlington Office of Communication writes “a half-cent sales tax, a 2 percent hotel occupancy tax and a 5 percent vehicle rental tax; In addition to the $2 million a year in rent paid by the Rangers”. The venue taxes will also be used to pay down the City’s current debt on the AT&T Stadium which is home to the Dallas Cowboys Schrock adds.
A Booming Economy Equals A Brighter Future
The bond underwriting group will assist the town in the destiny ballpark transaction in addition to any future bond income, such as if the Texas Rangers select to apply the parking and price tag taxes accepted by using Arlington voters to again group debt on the stadium. The planning of the Stadium well thought out causes Arlington residents to anticipate the return of this investment. Ultimately, resulting in a super booming economy. Especially, for current residents, as well as those buying up real estate and relocating to Arlington!