SAN ANTONIO — SAN ANTONIO — New details are emerging about Project Marvel, a multi-billion-dollar plan to transform the downtown area.
The project, which could cost up to $4 billion, has left many questions unanswered about its financial structure since its announcement last year.
The Spurs are requesting $500 million from the city, which would be sourced from a Project Finance Zone (PFZ). This zone utilizes state hotel tax revenues to fund specific projects, such as a new arena for the Spurs. The PFZ is projected to generate up to $2.5 billion over its lifespan.
Councilman Marc Whyte expressed his frustration with the process, stating, “My frustration has been at this overall process, because I don’t know why. We’re a year into this and are still only now finalizing the financial details of the project; the public deserves to know all of the information.”
Whyte also highlighted the need for infrastructure funding, saying, “Only now are the citizens being made aware that there is an infrastructure piece to this puzzle. And as you’ve heard, it’s going to be about $250 million in infrastructure money that’s going to be needed to make this project happen.”
Despite these revelations, the exact contribution from the Spurs remains unclear. Last month, Spurs owner Peter J. Holt told News 4 Sports Director Don Harris, “We want to ensure there is an arena that is the absolute best for our fans, a space that belongs to us, that’s for us, that the public owns, and the Spurs make great, that’s what we’re gonna do. And the Spurs are absolutely willing to invest hundreds of millions of dollars as part of the partnership to ensure its successful.”
A special city council meeting is scheduled for tomorrow afternoon at City Hall, where more information about the financial details of Project Marvel is expected to be disclosed.