RANGERS AGREE TO SETTLEMENT WITH ARLINGTON OVER COSTS
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).