{"id":149655,"date":"2025-08-16T04:55:18","date_gmt":"2025-08-16T04:55:18","guid":{"rendered":"https:\/\/www.europesays.com\/us\/149655\/"},"modified":"2025-08-16T04:55:18","modified_gmt":"2025-08-16T04:55:18","slug":"a-deal-is-nearing-on-spurs-arena","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/149655\/","title":{"rendered":"A deal is nearing on Spurs arena"},"content":{"rendered":"<p>City Manager Erik Walsh told the mayor and council on Friday evening that he\u2019s nearing a deal framework with the San Antonio Spurs on a new arena, and council is likely to consider it before the end of the month.<\/p>\n<p>Walsh said city staff was \u201cclose to finalizing a term sheet\u201d that\u2019s \u201cconsistent with the financing structure\u201d proposed to the council last week.<\/p>\n<p>Council should see the details by Thursday, he said, and could consider approving them as early as Aug. 27 \u2014 nearly a week after a previous target vote date of Aug. 21. <\/p>\n<p>\u201cThe negotiations have gone well and been productive,\u201d <a href=\"https:\/\/sanantonioreport.org\/wp-content\/uploads\/2025\/08\/walsh-email.png\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Walsh wrote in an email<\/a> sent to council at 5:53 p.m., which was shared with the Report.<\/p>\n<p>City officials <a href=\"https:\/\/sanantonioreport.org\/san-antonio-spurs-and-the-city-are-ready-to-negotiate-terms-on-proposed-arena-what-happens-next\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">said earlier this month<\/a> that San Antonio could contribute between $350 and $500 million overall to a downtown sports and entertainment district, known as Project Marvel, which would be<strong>\u00a0<\/strong>anchored by a roughly $1.5 billion Spurs basketball arena.<\/p>\n<p>Peter J. Holt, chairman and managing partner of the San Antonio Spurs, offered to pitch in $500 million for construction and $60 million in community incentives by the NBA team, while guaranteeing another $500 million through adjacent development \u2014 an investment of more than $1 billion.<\/p>\n<p>But Mayor Gina Ortiz Jones told reporters on Monday that she would not commit any city money to the project until the city <a href=\"https:\/\/sanantonioreport.org\/mayor-gina-ortiz-jones-says-spurs-arena-economic-analysis\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">obtained an \u201cindependent\u201d economic analysis<\/a> \u2014 which could take another 30 to 90 days.<\/p>\n<p>\u201cThe term sheet is not going to include a number [of the city\u2019s dollar commitment,\u201d Jones said.<\/p>\n<p>Jones said she expected Walsh to deliver the council with additional details on the project at the Aug. 21 meeting, such as the actual cost of the arena and more information the Spurs\u2019 plans for \u201cguaranteed revenues.\u201d<\/p>\n<p>\u201cLet\u2019s not forget that the term sheet is non-binding,\u201d she said, \u201cwhile we also work to get independent economic analysis.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"City Manager Erik Walsh told the mayor and council on Friday evening that he\u2019s nearing a deal framework&hellip;\n","protected":false},"author":3,"featured_media":149656,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5133],"tags":[5229,27146,21469,13123,7202,7203,7199,358,3187,7815,67,586,132,5230,68,2969,11887],"class_list":{"0":"post-149655","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-san-antonio","8":"tag-america","9":"tag-erik-walsh","10":"tag-mayor-gina-ortiz-jones","11":"tag-project-marvel","12":"tag-san-antonio","13":"tag-sanantonio","14":"tag-spurs","15":"tag-texas","16":"tag-tx","17":"tag-typedaily","18":"tag-united-states","19":"tag-united-states-of-america","20":"tag-unitedstates","21":"tag-unitedstatesofamerica","22":"tag-us","23":"tag-usa","24":"tag-wc-less-than-500"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115036666210974620","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/149655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=149655"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/149655\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/149656"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=149655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=149655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=149655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}