ARLINGTON (CBSDFW.COM) – The City of Arlington is hoping to hit a home run with a major proposed development near Globe Life Park.
On Tuesday, December 15, the Arlington City Council will consider a mixed-use economic development project that would include approximately 100,000 square feet of restaurant, retail and entertainment venues near Globe Life Park in Arlington.
The proposed agreement also includes plans to develop a hotel with a minimum of 300 rooms and 35,000 square feet of meeting and convention space. It is the intention for the hotel/convention facility to proceed by the end of 2016.
In that case, the City would provide the Texas Rangers performance based incentives that include retaining income from the following sources: hotel occupancy tax, property tax, sales tax and mixed beverage tax for 30 years from the City and hotel occupancy tax and sales tax from the state for 10 years.
The $200 million proposed project would be a public-private partnership between the City of Arlington and the Texas Rangers, with the City investing $50 million.
If approved, the construction of the entertainment complex would begin in 2016.
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