The Stonegate Pines mobile-home site is part of land that could one day become additional parking for Globe Life Park in Arlington.
On Tuesday, the Arlington City Council agreed for the city to take ownership of a 17.6-acre parcel recently bought by Ballpark Parking Partners, which is controlled by the owners of the Texas Rangers.
The deal will allow the Rangers to avoid paying property taxes on the land at 1701 E. Sanford St. and 608 Stadium Drive — recently appraised by the county at $5.3 million — as long as the property is used to support ballpark operations, Arlington Real Estate Manager Roger Venables said.
“Any improvements that are put on the property will be done so at the sole cost of the Rangers,” Venables said. “The city would have no cost in this thing at all. It provides some flexibility [to the team] in the future.”
The Rangers have no timetable for when the property might be converted to parking and could provide no estimate on how much additional parking might be created, spokesman John Blake said Tuesday.
The Rangers have about 11,000 parking spaces available on property owned by Ballpark Parking Partners Llc., Blake said. The stadium seats more than 48,000.
The city did not place a deadline on when the property, which is being leased back to the group for a nominal fee, must be developed to support the stadium, Venables said.
By taking ownership, the city will no longer collect an estimated $34,000 in property tax revenue. The deal also affects three other taxing entities: the Arlington school district, the Tarrant County Hospital District and Tarrant County College.
Former Rangers owner Tom Hicks sold the property to Ballpark Parking Partners on April 21, deed records show. Hicks bought the land in 2007 as part of his plan for the $600 million Glorypark development.
Records show that Ballpark Parking Partners financed the acquisition of the Stonegate Pines property with a $5.1 million note with Comerica.