Globe Life Park in Arlington will soon be home to Six Flags Entertainment Corporation’s new global corporate headquarters, as the City continues to deliver on its promise to repurpose the iconic venue to have a new, long life in Arlington.

On Tuesday, the Arlington City Council approved economic development incentives for Six Flags, which plans to renovate nearly 41,000 square feet of office space at the ballpark’s Centerfield Office Building. That space is currently occupied by the Texas Rangers, who will be moving their corporate headquarters to nearby Globe Life Field prior to the new ballpark’s March 2020 opening.

Under the agreement, the Six Flags global corporate headquarters is expected to house at least 120 full-time employees, who are currently located in Illinois, New York and elsewhere in Texas. The company’s new headquarters is projected to generate more than $80 million in taxable sales and purchases and the retention or creation of 176 direct and indirect jobs with a $331 million estimated payroll during the terms of the agreement, according to an economic impact analysis conducted by Impact Data Source.

Six Flags, which began in Arlington nearly 60 years ago and now employs more than 50,000 people at its 26 parks worldwide, plans to lease office space at Globe Life Park for 15 years, with the option of two five-year lease extensions. In conjunction with Six Flags’ investment and long-term lease, the Texas Rangers are also expected to extend their lease of the City-owned Globe Life Park by 11 years.

This agreement with Six Flags marks a clear step forward in the City’s ongoing preservation and adaptation of the 25-year-old Globe Life Park, which will become home to XFL’s Renegades and the North Texas Soccer Club starting next year. Additionally, the extension of the Rangers existing ballpark lease will allow the City to avoid significant operating and maintenance costs, which are projected at $2 million annually or $22 million over the team’s lease extension.

Under the approved Chapter 380 Program agreement, Arlington would reimburse Six Flags up to $6 million for office renovations. This funding would come from $5.2 million in revenue owed to Arlington by the Texas Rangers, as well as remaining funds from the City’s Fiscal Year 2019 operating budget.

Additionally, the Council approved a $3 million incentive grant that would be paid out in $200,000 increments annually over the company’s 15-year lease.