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Texas public finance

Who is still paying for Texas stadiums and arenas?

Arlington retired its original Cowboys construction bonds, but other stadium obligations remain. Compare six Texas venues by financing, pledged taxes and debt.

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Arlington finished paying its original AT&T Stadium construction debt in August 2025. The city says it paid $490.3 million in principal, interest and fees over the life of the financing. The half-cent sales tax, 2% hotel tax and 5% short-term rental-car tax continued because voters also approved those revenues for Globe Life Field. The last check for one stadium did not end the tax. City of Arlington stadium debt announcement.

Six venues, six obligations

VenueWhat the records show
AT&T StadiumOriginal city construction debt retired. A separate 2006 financing supported by admissions and parking taxes had $107.525 million of principal outstanding on September 30, 2025.
Globe Life FieldArlington’s 2018A/B/C stadium bonds had $376.540 million of principal and $637.807 million of scheduled principal and interest remaining at September 30, 2025. A distinct Rangers conduit financing had $305.452 million of principal.
NRG StadiumThe Harris County–Houston Sports Authority supports the stadium through system financing. Its dedicated 2014 NRG issue had $33.125 million of principal outstanding on August 31, 2025.
Toyota CenterThe arena also shares exposure to the authority’s wider financing. A dedicated 2014 Toyota Center issue had $26.245 million of principal on August 31, 2025.
Moody CenterPrivate financing funded the arena. UT provided land, and its capital plan listed $46.6 million for the Red River Street realignment needed to make the site available.
Proposed Spurs arenaA signed nonbinding term sheet proposes a $1.3 billion arena, with up to $489 million from the city, up to $311 million from the county and at least $500 million from the Spurs. Voters approved the county venue-tax authority. The contributions remain conditional proposal terms.

The two Arlington figures for Globe Life Field describe different borrowers or pledges, and scheduled interest already sits inside the $637.807 million. Houston’s system debt cannot be assigned in full to each venue. Arlington FY2025 audited financial report. Texas Bond Review Board local debt by issuance. UT System capital plan, project 102-1233. San Antonio term sheet, including section 16.

Bexar County voters approved Proposition B on November 4, 2025, with 52.14% voting in favor. The vote authorized the county venue tax for the project. The financing contributions in the nonbinding term sheet still depend on negotiated agreements. Bexar County’s certified election results, p. 2.

Arlington’s new deal belongs in a different column

The 2006 Cowboys financing uses a 10% admissions tax, a $3 parking tax and a Cowboys guaranty. It survived the payoff of the original construction debt. The city audit describes a different pledge from Arlington’s general revenues. That matters when asking who takes the loss if venue receipts miss expectations. Arlington FY2025 audit, debt and conduit obligations.

An October 2026 extension agreement adds a potential new payment stream. Its schedule starts at $50 million in 2028, followed by $20 million a year from 2029 to 2048, for up to $450 million in nominal scheduled payments before reductions or early payment. Closing is conditional. The anticipated source is excess venue-tax revenue, with a provision for other lawfully available funds if those revenues fall short. The $450 million is the sum of scheduled checks across 21 years, before discounting. October 2026 amended and restated agreement.

What the public gets back

Rent, revenue participation and the value of the land or venue are measurable public benefits when the contracts and financial statements disclose them. Arlington reported $2 million of rent and $500,000 of naming-rights participation for AT&T Stadium in FY2025. Those receipts belong next to the year’s operating and debt costs. They do not answer whether another use of the land or tax receipts would have produced a higher return. Arlington FY2025 audited financial report.

Method and limits

Principal measures the unpaid bond balance as of a stated date. Debt service includes interest scheduled after that date. Proposed payments and public infrastructure sit outside both measures until the relevant obligations take effect. The comparison uses the latest balances identified in the cited records and keeps each pledge attached to its issuer.

Sources

  1. City of Arlington stadium debt announcement
  2. Arlington FY2025 audited financial report
  3. Texas Bond Review Board local debt by issuance
  4. UT System capital plan, project 102-1233
  5. San Antonio term sheet, including section 16
  6. Bexar County’s certified election results, p. 2
  7. October 2026 amended and restated agreement

Supporting material

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