Dive Brief:

• The Texas Rangers have announced they will stay in Arlington, TX, until at least the 2053-2054 MLB season, in exchange for a new, $1 billion air-conditioned stadium with a retractable roof, the Star-Telegram reported.
• The city and the MLB team will split the cost equally, with the Rangers covering any costs over $1 billion. If voters approve the stadium deal in November, Arlington will fund its $500 million share through various taxes earmarked for the Dallas Cowboys’ AT&T Stadium once that obligation is satisfied.
• Other cities, including neighboring Dallas, have been courting the Rangers, but team owner Ray Davis said Arlington could deliver a stadium faster than any other option.

Dive Insight:

City and team officials said the prospect of watching a baseball game during the broiling Texas summers in open-air Globe Life Park has kept hundreds of thousands of fans — and perhaps corporate sponsors — away. They said they expect an air-conditioned venue will draw in bigger crowds and sponsors. And while the city is not clear on the future use of Globe Life Park once the new stadium is complete in 2021, officials said they hope to preserve some offices and brick facade.

The new stadium will be built on two lots the team currently uses for parking, and next to it will be a separate, 7-acre, $200 million mixed-use development called Texas Live! From the courtyard of its collection of shops and restaurants, Texas Live! guests will be able to get a look at game play on the new stadium’s field. The city is kicking in $100 million for the 100,000 square feet of entertainment and retail space, 35,000 square feet of convention space and a 300-room hotel. The Rangers will contribute the other half of the funding.

Texas Live! is a development the city has been planning since before the new stadium deal came together. In December, the city proposed approaching development and construction using a public-private partnership (P3) with the Rangers and developer Cordish Companies. Much like the original plan, as a development incentive, the city has agreed to give Cordish refunds of hotel occupancy tax, property tax, sales tax and mixed beverage tax for 30 years, and the state has agreed to return hotel occupancy and sales tax for 10 years.

Developers said the Texas Live! project alone will generate 2,000 construction jobs and 1,025 permanent jobs. Management will set its goals at 25% minority participation and will promote women and minority apprenticeship programs.