April 09, 2020 | 1 minute read

DALLAS – Bracewell LLP recently served as bond counsel in the issuance of the $321.171 million of Rangers Ballpark Complex Admissions and Parking Taxes Revenue Bonds, Taxable Series 2020 for the City of Arlington, Texas. The bonds were sold pursuant to a private placement.

In 2018, the City of Arlington had previously issued $465.425 million in bonds payable from city-wide sales taxes, hotel occupancy taxes and car rental taxes that had been approved by its citizens. The city contributed $500 million to the construction of the new Globe Life Field, which features a retractable roof at a cost of over $1.2 billion. Construction of Globe Life Field has been completed.

As part of the development agreement with the Texas Rangers, the City of Arlington agreed to issue incremental funding bonds on the Rangers behalf that would be payable solely from ticket and parking taxes on stadium events along with a backstop of additional rent from the ownership group of the Rangers. The Rangers Ballpark Bonds closed and funded on March 24, 2020.

Bracewell lawyers involved in this transaction included:

Partners: Robert R. Collins III, R. Todd Greenwalt, Brian P. Teaff, K. Brock Bailey and Matthew G. Nielsen

Counsel: Ed Fierro and Julie Melton Partain

Associate: Christy L. Latimer