Because the Spurs proceed to push for a brand new enviornment as half of a bigger downtown San Antonio improvement venture generally known as Mission Marvel, they reaffirmed their dedication in a letter to the town, promising a contribution of over $1 billion to assist pay their share. In his letter to the town, Spurs Sports activities & Leisure CEO Peter J Holt stated the next:
For the reason that Metropolis of San Antonio first approached our group a few potential partnership, the San Antonio Spurs have remained dedicated to pursuing an equitable settlement that advantages our group as an entire, strengthens our financial system, honors our metropolis legacy, and serves generations to return with out elevating taxes on native residents. As we’ve got accomplished since 1973, we’re working in good religion, grounded in deep love for our group and a honest need to assist San Antonio thrive.
Of their proposal, the Spurs laid out the next breakdown, with the sector a part of the venture anticipated to price $1.2 to $1.5 billion:
$500 million for a brand new state-of-the-art enviornment, with assured protection of price overruns by Spurs Sports activities & Leisure
$500 million in adjoining non-public downtown improvement
$60 million in further group incentives, together with schooling, reasonably priced tickets, and small enterprise help.
They’d additionally allocate 30% of enviornment and district development contracts to locally-owned firms, present VIA Park & Trip for as much as 2,000 single recreation ticket consumers, purchase 500 tickets for each dwelling recreation at $25 or much less, and underwrite a brand new coverage that can goal early childhood schooling and youngster care challenges in the neighborhood.
Whereas this helps guarantee the Spurs will do their half, it appears like there’s nonetheless some negotiating to do. The general venture would additionally embody enlargement and renovation of the Henry B. Gonzales Conference Heart, a brand new conference heart lodge, residential, retail and park area, an enormous renovation of the Alamodome, a land bridge over U.S Freeway 281 connecting the Alamodome to the remainder of downtown, and renovation of the John Wooden Courthouse into a big theater and dwell efficiency venue — all of which is able to add as much as an estimated $4 billion price range.
San Antonio Mayor Gina Ortiz Jones expressed appreciation for the Spurs’ contribution but in addition expressed concern about there nonetheless being a $220 million hole within the general price range, in addition to that the Spurs could find yourself with an excessive amount of of the revenue from naming rights, merchandise, ticket, and concession gross sales, whereas the town wouldn’t see the identical revenue. One other council member additionally felt the Spurs ought to contribute extra to the general venture, noting the sector won’t occur with out all the things else.
County leaders have stated that funds from Bexar County’s venue tax will first go towards the Freeman Coliseum and Frost Financial institution Heart, with the Spurs’ enviornment receiving no matter is left. For now, the estimates recommend the $1.2 billion price ticket may very well be coated, however that also will depend on future selections by the Metropolis and County. If permitted, the brand new enviornment can be on the website of the now-shuttered Institute of Texan Cultures in Hemisphere Park.
The Spurs will proceed to play within the Frost Financial institution Heart till their lease ends in 2032, and if voters approve to fund the venture, the brand new enviornment can be prepared by then. The deadline for a metropolis bond vote is in August, and if permitted, tax assortment and design work would start in 2026, with development starting in 2028 and lasting into the early 2030’s.
