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RANGERS AGREE TO SETTLEMENT WITH ARLINGTON OVER COSTS
Published January 13, 1999
The MLB Rangers "have agreed to pay" Arlington, TX, $22.2M over 26 years to "cover costs incurred from litigation over land condemnations around The Ballpark in Arlington," according to Sean Wood of the FT. WORTH STAR- TELEGRAM. The money will "reimburse" the Arlington Sports Facilities Development Authority for payments it made to two families and "cover the costs incurred by the city because of the lawsuits, along with an interest rate" of 5.09%. As part of the deal, the Rangers won't "exercise their option" to buy The Ballpark when the sales tax debt is retired in 2002, but will "put off the opportunity" to buy it until 2024. Arlington "has long wanted" the team to reimburse the authority for the settlement payments (STAR-TELEGRAM, 1/13).