The Spurs have officially committed over $1 billion dollars to help pay for Project Marvel and a new downtown arena.
The Spurs sent a letter Thursday night to the Mayor and City Manager outlining their commitment.
It includes:
- $500 million for a new state-of-the-art arena, with guaranteed coverage of cost overruns by SS&E
- $500 million in adjacent private downtown development
- $60 million in additional community incentives, including education, affordable tickets, and small business support.
In that letter, Spurs Sports & Entertainment Chairman Peter J. Holt said:
“Since the City of San Antonio firs approached our organization about a potential partnership, the San Antonio Spurs have remained committed to pursuing an equitable agreement that benefits our community as a whole, strengthens our economy, honors our city legacy, and serves generations to come without raising taxes on local residents. As we have done since 1973, we are operating in good faith, grounded in deep love for our community and a sincere desire to help San Antonio thrive.”
The City of San Antonio is holding a special session on Friday afternoon where Project Marvel is on the agenda.