The San Antonio Spurs are a major step closer to getting a new downtown home, after voters in Bexar County, Texas approved a plan Tuesday to allow officials to commit up to $311 million in venue taxes to help build a multipurpose arena.
County officials said just over 52% of voters supported the measure, which had considerable opposition from some lawmakers and other groups.
The Spurs have said they will commit at least $500 million toward construction of an arena, plus cover all overruns – which could be significant. They would also be paying rent at the new arena, and that money will help offset what is a proposed $489 million contribution from the city.
“We love this city, we love this county, and the county and the city love us back,” Peter J. Holt, the chairman of Spurs Sports and Entertainment. told reporters Tuesday night.
Another piece of the plan: The Spurs are promising that about $1.4 billion in private development around the new arena will happen. And a separate measure that also passed Tuesday could lead to more rodeos in San Antonio — with lawmakers now able to devote about $200 million for that purpose.
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“We’re ready to do something really special that’s going to help the Spurs, it’s going to help the rodeo, it’s going to help all sectors of the community and it’s going to be right in the heart of our city,” Holt said. “This is something we deserve. Our fans deserve it. Our community deserves it. We’re going to believe and execute big things.”
The Spurs made a simple case to voters: venue taxes are primarily paid by visitors to the area through things like their hotel and rental car bills, will not cause any hike in property taxes for San Antonio residents and by state law can only be spent on things like arenas.
Still, polling done as recently as last month suggested it would be tough for the Spurs to get a win. And the city’s major, Gina Ortiz Jones, has said she wants more analysis about the plan, including the city’s contribution toward the project.
“We’re going to work together to get something special done,” Holt said.
There is no proposed timetable for construction. and Holt said the Spurs are “at the very beginning of the design stage.” The team’s lease at its current home, Frost Bank Center, runs out in 2032.
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