UPDATE: Voters in Bexar County, Texas have just approved a major plan that puts the San Antonio Spurs on track for a new downtown arena. This decisive vote, confirmed Tuesday with over 52% support, allows officials to commit up to $311 million in venue taxes aimed at building a state-of-the-art multipurpose facility.
The Spurs have pledged a minimum of $500 million for construction and have committed to cover any cost overruns, which could be significant. Additionally, they will pay rent at the new arena, contributing to a proposed $489 million from the city. This crucial funding will help facilitate a project touted to enhance the city’s economic landscape.
Peter J. Holt, chairman of Spurs Sports and Entertainment, expressed excitement about the outcome. “We love this city, we love this county, and the county and the city love us back,” he stated emphatically to reporters. The Spurs also promise an impressive $1.4 billion in private development surrounding the new venue, which is expected to create jobs and stimulate local business.
Aside from the arena, voters also supported a separate measure that could allocate $200 million for additional rodeo events in San Antonio, showcasing a broader commitment to community development.
The Spurs made a compelling case to voters, emphasizing that venue taxes will primarily be funded by visitors through hotel and rental car bills, ensuring no increase in property taxes for local residents. Despite earlier polling suggesting a challenging road ahead, the approval marks a significant victory for the franchise and its supporters.
Holt remains optimistic about the project’s future, stating, “We’re ready to do something really special that’s going to help the Spurs, help the rodeo, and help all sectors of the community.” However, details on the construction timeline remain unclear, with Holt indicating that the team is still in the early design stages. The Spurs’ current lease at the Frost Bank Center runs until 2032, allowing ample time for planning.
As this story develops, local officials and community members will be watching closely to see how these plans unfold. The Spurs are poised to create a landmark project that not only enhances their franchise but also uplifts the entire San Antonio community.
