DALLAS — Fort Worth, Texas, plans to combine $225 million of public funds with matching private donations to build a $450 million multipurpose arena in the city's Cultural District.
The Fort Worth City Council agreed to seek voter approval Nov. 4 to raise the revenue through a tax on tickets for events at the arena, on parking, on each stall or pen used by livestock at the annual Fort Worth Stock Show and Rodeo, and the state's portion of the hotel tax within three miles of the location.
The nonprofit Event Facilities Fort Worth, chaired by Fort Worth philanthropist Ed Bass, has promised $225 million toward the project and anything over the $450 million total. That limits the public commitment to $225 million, according to a letter Bass wrote to Fort Worth Mayor Betsy Price.
Construction of the 14,000 seat arena west of downtown would allow the city to demolish its 46-year-old convention center arena downtown and replace it with a more versatile convention hall. The downtown arena has served as the major venue for concerts and touring shows in the past but has been eclipsed by the Bass Performance Hall adjacent to nearby Sundance Square.
The Bass family that includes Ed Bass provided funding for the hall and for much of the development of Sundance Square that combines retail and entertainment venues in the heart of Fort Worth.
The Cultural District west of downtown includes art and science museums, along with the Will Rodgers Memorial Center. The art deco center built in 1936 features arenas for events and is home to the annual Fort Worth Stock Show and Rodeo.
The request for funding would be the second to go to voters this year. On May 10, the city's voters approved $292 million of general obligation bonds for streets, parks, community centers and libraries with 83% in favor.
Fort Worth is rated Aa1 by Moody's Investors Service, and AA-plus by Standard & Poor's and Fitch Ratings. Outlooks are stable.
With a population estimated at 792,727, Fort Worth ranks as the state's fifth largest city with a growth rate of 6.8% from 2000 to 2010.
