Arena Overview • The Fort Worth Multipurpose Arena at Will Rogers will be located south of the current Harley Avenue/Gendy Street intersection (see map on next page). It will be state of the art, serve a wide variety of events, and have the following seating capacities: Concerts.................................................12,500 -14,000 Basketball ..............................................13,300 Family Shows & Hockey .....................12,200 Equestrian & Rodeo.............................9,300 • The Multipurpose Arena total project cost will be approximately $450 million, including parking, infrastructure and roads, much of which has already been put in place. • A group of private sector participants (foundations, individuals and organizations) will provide half the cost as a philanthropic gift to the citizens of Fort Worth. Public funding from several dedicated sources will pay the other half. Public source funding is capped at $225 million. • Three of the public sources of funding will be on the ballot for voter consideration in November, including a ticket tax of up to 10% for events in the new arena, a stall and pen tax of $1-$2 per day, and a parking tax in of up to $5, (both of the latter applying campus wide to Will Rogers Memorial Center). Parking rates will not change due to the parking tax. It just means a portion of the rates already collected will cover the tax and go to paying for the arena and for new parking. • In addition to these sources, Texas Tax Code Section 351 authorizes the use of the state’s portion of the hotel occupancy tax above the amount collected in 2013 in hotels within 3 miles of Will Rogers and the downtown convention center to be used for construction of a new arena. The tax code also allows use of the state’s portion of sales taxes and mixed beverage tax above the amounts collected in 2013 in hotels within 3 miles of Will Rogers and the downtown convention center to be used for construction of a new arena. Per state statute, both the City Council and the State have approved this method of public financing. • The City will also include as a funding source revenue from its portion of the hotel occupancy tax and sales tax above the amounts collected in 2013 in hotels within 3 miles of Will Rogers and the downtown convention center. The City Council is expected to act on this following the election. • Neither the property tax rate, sales tax rate nor hotel occupancy tax rate are impacted. There is no impact on the city’s general fund, enterprise funds or debt capacity. • The new multipurpose arena will host 15-18 concerts a year, family shows such as circuses and ice shows, high school and college basketball and other sports, and for one month of the year will be home to the Fort Worth Stock Show Rodeo. • The arena will be owned by the City and managed by a private sector not-for-profit organization. It will be financially self sufficient, with no public money used to fund operations or maintenance expenditures. P.O. Box 28 • Fort Worth, Texas 76102 • 817-807-0735 • FWarena.com Pol Adv by Forward Fort Worth Partnership PAC • Unlike other North Texas arenas and stadiums, there is no developer or franchise owner involved in the project and therefore revenue derived from the multipurpose arena will be directed to operations, maintenance and capital expenditures only. • Forward Fort Worth Partnership, a local group, will be conducting a strong campaign in favor of the three November 4th ballot propositions. Mike and Rosie Moncrief are serving as the campaign treasurers. • The Fort Worth Multipurpose Arena at Will Rogers will likely open sometime between 2019 and 2020. The opening will depend on the completion of design and construction documents and the scheduling of the construction of a major parking structure in advance of other work to ensure events at the Will Rogers Memorial Center are not interrupted during arena construction. • The Will Rogers Memorial Coliseum, now in its ninth decade of service to our community, will continue to serve as a major equestrian show venue and as a tribute to our City’s leaders who had the foresight and wherewithal to build it.
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