The city of Arlington has "formalized a plan to refinance its AT&T Stadium debt to help pay" for the city’s half of the new $1B retractable-roof ballpark for the Rangers, according to Robert Cadwallader of the FT. WORTH STAR-TELEGRAM. The refinancing plan is "among numerous legal documents the City Council approved recently." The city "will use a half-cent sales tax," 2% hotel-occupancy tax and 5% car-rental tax to fund up to $500M. Currently the city is "using the tax revenues" to pay off its $325M share of construction costs for AT&T Stadium. Now officials "intend to put the brakes on accelerated payments and use the savings to start work" on the new ballpark. Arlington CFO Mike Finley said that the city "would refinance" the remaining $147M of its AT&T debt by Nov. 30, "extending the note out to the original payoff date" in '34. That 30-year note "began in 2005, but the city was on track to get it paid off" by '21, saving $136M. Finley said that the fast pay-down "already has saved" $118M. The bonds "would be repaid over 30 years." Also among the documents approved were "contracts for the Rangers to implement" a 10% admission tax and $3 parking tax on game days to "help cover" their share of the ballpark cost. The documents also "noted a 40,000-seat capacity" for the ballpark. Rangers Exec VP/Business Operations Rob Matwick said, "I expect it to fall in the 40,000-42,000 range" (FT. WORTH STAR-TELEGRAM, 7/11).
