Briefs
At Deadline
Dallas Business Journal
End zone spike
The variable interest rate for a portion of Arlington’s funding for the new Dallas Cowboys’ stadium has spiked over the past six months.
Of the City of Arlington’s $325 million total commitment, $164.3 million was financed with a variable rate that had hovered consistently around 3.78% since September 2005, said Deputy City Manager Trey Yelverton. But in March, the rate jumped to nearly 8%. It quickly recovered, but spiked again in June to 9.3%, and is now at about 7.6%.
Yelverton said interest costs have doubled to about $1 million a month. In the next 30 days, he said, the city will move toward a more stable funding method, either converting the variable-rate bonds to a fixed rate, or buying more insurance for the bonds.
Because the rate was so low for almost the first two years of financing, Yelverton said the city has still saved about $2 million, compared to what would have been paid had the rate been fixed. The rest of the city’s funding is financed at fixed rates of 4.68% and 4.78%.
— Katherine Cromer Brock
Reverse commute
Richardson’s American First Insurance is doing its part to turn the tables on the Okie invasion of North Texas.
The firm has set up shop in Oklahoma City as part of an effort to expand its work with independent agents there. Mike Hughes, a six-year veteran of American First, is leading its operations.
A regional subsidiary of Liberty Mutual Group, American is the first insurance carrier to open an office in Oklahoma in more than a decade. The move comes after Liberty Mutual acquired Ohio Casualty Corp. last August. As Liberty spread Ohio Casualty’s premiums out among its regional affiliates, American First grew large enough to set up a permanent presence in the Sooner State.
American First writes more than $70 million in property and casualty, commercial and personal insurance premiums in Oklahoma.
— Chad Eric Watt
More pizza pies
ZuRoma Sicilian Kitchen is scheduled to open a second location next month, this one at the NyTex Sports Centre in North Richland Hills.
Also at the NyTex center are the Texas Brahmas of the Central Hockey League, The Hockey Shop and Tejas Volleyball.
ZuRoma, whose other location is on Hall-Johnson Road in Grapevine, specializes in gourmet pizza and Italian meals for dine-in, takeout and delivery. The new venue will be open for lunch and dinner, seven days a week.
— Katherine Cromer Brock
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