SAN ANTONIO – The vote on funding for Project Marvel, the proposed sports and entertainment district in downtown San Antonio, has been postponed.
City Manager Erik Walsh previously told council members that staff was working on a non-binding term sheet with the Spurs for the council to consider on Aug. 21.
This is not bad news because the city and Spurs are finalizing a number that makes sense for all parties. It also gives the mayor and council time to look over all the details before they vote, but arena plans continue to move forward. https://t.co/FBcOrxyaxT
— RJ Marquez (@KSATRJ) August 15, 2025
Now, the proposal could be considered as soon as Aug. 27, according to a statement from Walsh obtained by KSAT.
The sheet includes the specific contributions from the city, county and Spurs as well as a total estimated cost.
“The city has made significant progress in negotiations with the Spurs this week,” Walsh said. “Discussions have been productive, and both sides are close to finalizing terms that align with the financing structure previously shared with city council.”
Funding plan & voter input
A new Spurs arena in Hemisfair, at the corner of Interstate 37 and César Chávez Boulevard, is one of Project Marvel’s key features.
The city plans to take on debt and pay it back through special tax capture zones and lease revenue from the arena and ground for new development. Supporters have argued those funding sources would not directly affect San Antonio taxpayers.
None of the city funding mechanisms requires voter approval, but voters will have a chance to vote on the Spurs arena in the Nov. 4 election.
Voters will be asked whether to raise the hotel portion of an existing county venue tax to 2%, which could be used to fund up to $311 million worth of the arena’s construction.
The Spurs have said they would pay $500 million toward the arena’s cost and cover any cost overruns. They also offered $60 million in community incentives.
A key part of the city’s funding scheme relies on Spurs Sports & Entertainment (SS&E) pairing with a developer to generate more property tax revenue within a tax increment reinvestment zone (TIRZ). SS&E Chief Legal Officer Bobby Perez previously told council members the team would guarantee $1.4 billion worth of nearby development by 2042, $500 million of which would be done by 2031.
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