Photo by James Ward<\/a><\/p>\nThe Arlington City Council voted 7-2 Tuesday to execute an amended and restated master agreement regarding the Dallas Cowboys stadium extension. <\/p>\n
At its April 21 meeting, the council approved the original resolution extending the Cowboys\u2019 lease at AT&T Stadium by 15 years, according to previous Shorthorn reporting. The resolution also stated that the city would contribute up to $273 million over 20 years in investments to the stadium. <\/p>\n
As the city prepares for the bond refund proposed in the master agreement, the city\u2019s bond lawyers, in consultation with the public finance division of the attorney general\u2019s office, have recommended a clarification of language, according to a staff report. <\/p>\n
The amended agreement clarifies that the city\u2019s contribution is specifically for maintenance and operations, while the Cowboys are obliged to fund and complete improvements listed in the agreement by 2043, according to the report. <\/p>\n
How the council voted<\/p>\n
Jim Ross: Yes<\/p>\n
Mauricio Galante: Yes<\/p>\n
Raul Gonzalez: Yes<\/p>\n
Nikkie Hunter: No<\/p>\n
Tom Ware: Yes<\/p>\n
Brittney Garcia-Dumas: Yes<\/p>\n
Long Pham: Yes<\/p>\n
Bowie Hogg: No<\/p>\n
Jason Shelton: Yes<\/p>\n
City manager Trey Yelverton said during the meeting that the restated agreement will make a strong economic impact for the next 30 years, lowering the tax burden and benefiting the community in the future. <\/p>\n
Councilmember Raul Gonzalez said the city did not want confusion between operations and remodeling. The amended agreement clarifies the two are separate. <\/p>\n
\u201cOur attorneys said, \u2018You know what, we suggest this is the best way of doing it,\u2019\u201d Gonzalez said. <\/p>\n
With the renovations involved in the project, he said the stadium will have security enhancements added, among other updates. Temporary roadblocks will be made permanent and bridges will be added for when people cross Collins Street and Randol Mill Road before or after games, Gonzalez said. <\/p>\n
He said if the city would have done it themselves, they would have needed to raise taxes or pass a new bond. <\/p>\n
Gonzalez said having the Cowboys in the city is beneficial as it keeps taxes lower, brings visitors and offers job opportunities. <\/p>\n
Over the next 30 years, it is anticipated that the Cowboys will generate approximately $9.7 billion in economic impact in the city, with a fiscal impact to the city of $1.2 billion, according to the report. <\/p>\n
@_xioany_<\/p>\n
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