The City of Arlington, Texas, will make its final $22.6 million payment for AT&T Stadium on Friday, officials announced.
The completion of its $325 million contribution to the stadium comes 10 years ahead of schedule.
The city said it paid about $490 million in principal, interest and fees for its contribution. By paying off the loan early, Arlington is saving $151 million in additional interest and fees.
"[Former Mayor Robert Cluck’s] foresight, and the Arlington voters’ support to invest in a world-class stadium, has created jobs, boosted our economy over the years and cemented Arlington’s reputation as a premier destination for sports and entertainment,” Mayor Jim Ross said in a statement. “The iconic AT&T Stadium has hosted an impressive list of events in its first 16 years, and we look forward to even more record-setting concerts and games in our future.”
In 2004, Arlington voters approved a half-cent sales tax increase, a 2 percent hotel occupancy tax and a 5 percent rental car tax to pay for the City of Arlington’s $325 million contribution toward a new retractable-roof stadium to make the Cowboys the Texas Rangers’ next-door neighbors.
The Cowboys paid the rest of the $1.2 billion it cost to build the stadium, which opened in 2009.
The tax levied to pay for AT&T Stadium will remain in place and go toward the city’s contribution to the Rangers’ $1.2 billion Globe Life Field.
