The San Antonio Spurs are going public with what they have committed to when it comes to the proposed new arena. The term sheet is headed to City Council on Thursday.
Term sheet commitments:
- $500 million Spurs direct contribution toward the $1.3 billion arena cost
- Spurs cover 100% of any and all cost overruns
- $1.4 billion Spurs guarantee, alongside private developers, in private development projects to create jobs and enhance family entertainment opportunities
- $75 million Spurs Community Benefits Agreement over the 30-year lease term
- $2.1 billion total Spurs commitment all-in (arena contribution, overruns, private development guarantees and community benefits)
- No cost to San Antonio homeowners or renters – because the financing structure doesn’t rely on property taxes or even sales taxes
- No money diverted from the city’s general fund
- $489 million City contribution
- $311 million County contribution
Statement from RC Buford, CEO, Spurs Sports & Entertainment
“We’re pleased to take this next step in the process, which will ultimately give the voters the opportunity to decide on the arena project this November. As part of the proposed term sheet, the Spurs total commitment will be $2.1 billion. What has been consistent throughout this process is our commitment to ensure no tax impact on San Antonio families and our assurance to cover 100% of any and all construction cost overruns. From our very first conversations with city leaders, this has always been about more than a venue. It’s about building a place that fosters opportunity, creates lasting memories and ensures San Antonio continues to thrive for generations to come.
We’re grateful to the San Antonio City Council, City Manager Erik Walsh, Judge Peter Sakai and the Bexar County Commissioners for the time and commitment they’ve invested in this process. Their leadership has been invaluable in helping us reach this milestone and we look forward to continuing this work together on behalf of the people of San Antonio and Bexar County.”