Texas voters on Tuesday approved a measure to allow San Antonio officials to commit up to $311 million in venue taxes to build the Spurs’ new downtown arena.
According to ESPN, the measure was approved by 52% of voters.
In addition to the $311 million promised by the city, the Spurs have committed to $500 million toward the new stadium. The team would also pay the city to lease the space, allowing San Antonio to recoup some of the estimated $489 million total contribution from the city. The total cost of the new arena is estimated to be $1.3 billion.
"We love this city, we love this county, and the county and the city love us back," Peter J. Holt, the chairman of Spurs Sports and Entertainment, said following Tuesday’s vote. "We're ready to do something really special that's going to help the Spurs, it's going to help the rodeo, it's going to help all sectors of the community and it's going to be right in the heart of our city. This is something we deserve. Our fans deserve it. Our community deserves it. We're going to believe and execute big things.”
By relying on a venue tax to fund the $311 million bill, residents of San Antonio will not see an increase in property taxes. Instead, those funds will come directly from taxes applied to tourism-related spending, like hotel rooms and rental cars.
At this time, there is still no deadline for construction of the new arena, but the Spurs lease at their current home, Frost Bank Center, expires in 2032. According to San Antonio Report, city leaders previously signed a “nonrelocation agreement” with the Spurs to guarantee the team will stay in the city for the next 30 years.
"We're going to work together to get something special done," Holt said.
