SAN ANTONIO — SAN ANTONIO — Nearly 50 residents gathered to express their views on Project Marvel during a meeting with Mayor Gina Ortiz-Jones and other city leaders.
The discussion centered on the potential benefits and drawbacks of the project, which includes plans for a new Spurs arena.
“It’s not about commitment to our team. It’s about making sure that we have a conversation, and people have this large awareness of what we are negotiating here,” said Mayor Jones.
MayorJones addressed concerns about funding for Project Marvel and the arena, questioning how the community would benefit from the investment. “We have $141 million budget gap in 2027 right that we’re trying to address. And if we do nothing that gap grows to $220 million in 2030 as the staff described, we are structurally imbalanced. So in light of that, I think we owe it to our community to think about how we can strengthen contributions to the general fund,” she said.
City Manager Erik Walsh presented a financial framework for the project, explaining the Spurs’ financial involvement.
“The Spurs will have to make a contribution from themselves into the arena, and we’ll have to, as we negotiate taxable revenue into the city’s box. So from their perspective, as they shared with us, they are taking on that financial risk and revenue sharing option,” Walsh said.
The meeting also featured opposition from community members who doubted the project’s viability. However, some attendees cited the economic boost from past events like the NCAA Men’s Final Four, suggesting that the development could elevate the city.
The final term sheet for Project Marvel is expected to be presented to the city council on August 6, with council consideration scheduled for August 21.