San Antonio Voters โApproveโ Funding for New Spurs Arena
San Antonio,TX – Voters in San Antonio have approved Proposition B,authorizing public fundingโค forโ aโข newโค $1.5 billionโค arena for teh San Antonio โSpurs, โintended to โanchor a โlarger downtown entertainment โdistrict dubbed “Project Marvel.” The measure passed with 52.1% of the vote, paving the way for the team to relocate from the Frost Bank Center.
The funding plan relies onโค a public-private partnership.โ Bexar County โwillโข increase its hotel occupancy tax by up to 2% (reaching a total of 17%) โขadn extend its existing 5% rental car tax, projected to generate roughly $311 million – about a quarter โขofโ the arena’s cost. The City โof โSan Antonio is committing approximately $489 million through tax-incrementโ financing, โwhile the Spurs institution will contribute around $500 millionโ in private funding, including a commitment to cover โฃpotential cost overruns.
Beyond the arena, Project Marvel envisions a significant revitalization of the downtown area,โ including an expansion of the Henry B. Gonzalez Convention Center, a โnew convention hotel, a land bridge connecting the east side to downtown, and upgrades toโ the Alamodome. initial โdesigns were producedโข by Populous.
Spurs CEO R.C. Bufordโ hailed the project as a vital investment in San Antonio’s future, stating it will โฃ”energize our โคeconomy, strengthenโ our community and position San Antonio for long-term โsuccess.” This new arena will be the Spurs’โข fourth home โฃin the past fifty years, followingโฃ HemisFair Arena, the Alamodome, andโข the โcurrent Frost Bank Center.
Mayor gina Ortiz Jones describedโ theโฃ vote as a “generational investment” that will “revitalize ourโ downtown and strengthen our city,”โ emphasizing the importance of โcollaboration and bold โvision. She also pledged continued efforts to ensure โฃprogress and affordability โin the downtown area.
While the vote advancesโค the proposal, final contracts are still under negotiation, and the Spurs’ current lease at frost Bank Center extends through 2032. โข
Concerns Raised Over Autonomous Review
Theโฃ approval follows โคa periodโ of debate, including aโ call from Mayor Jones for a “strategic โpause” and anโค independent economic-impact study. She expressed concerns about the potential $489 million in city-backed obligations and the fact that the initial โคanalysis โฃwasโ conducted โbyโ CSL, โa firm affiliated โฃwith the Spursโข organization. Despite her request for an unbiasedโ review, the city council moved โforwardโ with the MOU approving the project by a vote of 7-4.
