San Antonio and Spurs finalize term sheet for ‘Project Marvel’, City Council to vote soon

SAN ANTONIO — The city and the Spurs have finalized a term sheet for a new downtown arena, with details expected to be revealed in the coming days.

We first reported the agreement on Friday, and the two sides have continued to work through the weekend to finalize the details.

An email obtained by reporters from City Manager Erik Walsh, sent to the mayor and city council on Friday, confirmed the term sheet aligns with the financing structure previously discussed with city officials. “The term sheet is consistent with the financing structure staff presented and discussed with you,” Walsh said.

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Walsh also indicated plans to share the agreed-upon draft and brief the city council in an executive session on Thursday, the 21st.

However, no action will be taken during this session. According to Walsh, the city council could hold a vote to approve the proposed term sheet as early as August 27th.