Fort Worth Arena Approved

Fort Worth, Texas, can begin construction of a new $450 million, 14,000-seat arena with the completion of a master agreement with the venue’s private backers, Event Facilities Fort Worth Inc., presented to the city council Nov. 10.

Photo: Courtesy of The Eppstein Group

Texas voters overwhelming approve funding Nov. 2 for the Fort Worth Arena, shown in an artist rendering. It’s expected to be completed by 2019.

The proposed arena at the Will Rogers Complex, which is also the site of the annual Fort Worth Stock Show and Rodeo, has been in various stages of discussion for decades and last year won approval from more than 70 percent of voters, according to the Forth Worth Star-Telegram.

The proposal, hailed by the newspaper as “a great bargain for the city,” was submitted to the council for approval by Event Facilities, led by investor Ed Bass. While lease, parking operations and final funding agreements are pending, the proposal calls for half of the $450 million cost, plus any overruns, to be paid by Event Facilities and its donors.

Most of the city’s $225 million share reportedly will come from hotel, beverage and ticket taxes, plus parking fees. The city has already made more than $25 million in infrastructure and other improvements to the site.

The city will own the arena and land, and Event Facilities will operate it. The arena is expected to target rodeo, sports, music, theatrical and other live events that would attract audiences of 5,500 to 15,000.

The proposal provides Event Facilities with the ability to back out of the deal if the city hasn’t sold financing bonds by mid-2017. Initial projections point to a 2019 opening, according to the paper.

Daily Pulse