The Arlington City Council approved several key legal documents Tuesday related to the Texas Rangers current lease agreements for Globe Life Park as well as the financing and development of the future retractable roof ballpark.
In May 2016, the Arlington City Council unanimously approved a master agreement that outlines the public-private partnership with the Texas Rangers for construction of a climate-controlled ballpark and supporting development in the Entertainment District.
In the subsequent months, the City and the Rangers have drafted nearly a dozen additional legal documents related to Globe Life Park and the future voter-approved $1 billion ballpark. These key documents cover topics ranging from parking lot leases to the maintenance and operation of Globe Life Park once the new stadium opens in 2020.
The City Council took two actions in May of this year to progress the development of the new ballpark. The first was approval of a Non-Relocation Agreement that commits the Texas Rangers to playing home games in Arlington through January 1, 2054. The Texas Rangers' current commitment to play home games in Arlington is set to end in 2024.
The second action creates space for the future climate-controlled ballpark, which is set to open in 2020 south of Globe Life Park in Arlington. The City Council approved the abandonment of a section of Nolan Ryan Expressway from Randol Mill Road to Cowboys Way. This section of roadway will become part of the future ballpark development.
The City Council approved several additional documents on Tuesday, including:
- Funding and Closing Agreement
- New Ballpark Lease
- New Ballpark Lease Guaranty
- New Ballpark Purchase Option
- Amended and Restated Development Property Lease
- Amended and Restated Development Property Option
- Amended and Restated Lease (Stonegate parking lot, F,G,J,N lots, Division Street property)
- Amended and Restated Convention Center Parking Agreement
- Third Amendment to Existing Ballpark Lease
- First Amendment to Center Field Office Building Lease
- Lease Termination- Parking Lot A
The City of Arlington owns Globe Life Park, the Center Field Office Building and several parking lots that support the ballpark. These are rented by the Texas Rangers for $2 million a year. The amended Globe Life Park lease would abate the annual rent the Rangers pay to use the current ballpark once the new ballpark opens in 2020. The lease does not specify the current ballpark's use after the new ballpark opens but it would require the Texas Rangers to maintain and operate Globe Life Park at least through 2024.
As outlined in the master agreement, the Texas Rangers would pay the City $2 million a year in rent for the new ballpark through 2054, with the option to renew the lease for two additional five-year terms. The Rangers would have the option to purchase the ballpark once the lease period is up.
Related articles:
- Latest 'Home Plate Update' Features HKS Interview on New Rangers Ballpark
- City Council Approves Agreements that Move Rangers Ballpark Closer to Reality
- Arlington Launches Texas Rangers Ballpark, Texas Live! Websites
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