SAN ANTONIO — The San Antonio Spurs have announced plans for a new arena, projected to cost between $1.2 billion and $1.5 billion.
The Spurs have committed $500 million to the project and have pledged to cover any cost overruns.
The remaining funding is expected to come from a potential increase in the venue tax, also known as the tourist tax, which could generate up to $450 million. However, county leaders have emphasized that current facilities are their priority. The county estimates it will need approximately $200 million to update the Freeman Coliseum and another $80 million to upgrade the Frost Bank Center.
The Spurs arena would receive the remaining funds, estimated at $170 million, based on current projections. This would bring the total funding to approximately $1.2 billion.
However, city and county contributions are not yet finalized, and the final amounts could vary. Importantly, none of the funding will come from local taxpayers, and the Spurs have assured that they will manage any additional costs.