NSA 10 25

BY PARKS KUGLE

Spurs’ terms to fund arena

The details

What happens next?

Spurs will contribute $500 million plus any cost overruns Spurs and developers to commit $1.4 billion in guaranteed taxable value increment for new mixed-use development over a 12-year period Spurs will pay initial rent of $4 million in rent the rst year, which will escalate by 2% each year thereafter Non-relocation commitment requires Spurs to maintain its NBA franchise in San Antonio and play home games in the arena with few exceptions Spurs will invest $75 million in community bene ts SOURCE: CITY OF SAN ANTONIOCOMMUNITY IMPACT

Proposition B would fund a portion of the new downtown Spurs arena. The construction— described as a public-private partnership between the Spurs, the city of San Antonio and Bexar County—is estimated to cost $1.3 billion. If the city moves forward with Proposition B, also known as Project Marvel, it is proposed that it will use the state’s share of the HOT generated from local tourism, which amounts to $489 million. Webster described the new arena as part of a broader urban revitalization strategy that will boost the city’s economy. “We’re putting it downtown. There’s a lot of synergy,” Webster said. “This stretches from the San Pedro Creek area on the west side to down- town, to the River Walk, to what’s happening at The Alamo, to Hemisfair Park … it’s [about] economic generation, [and] job opportunity.” Liberty Swift, assistant vice president of corpo- rate communications for the Spurs, said the venue tax vote will provide greater investment into the city as a whole.

Leo said the next steps depend on the voters. “If both propositions are thumbs up, we proceed as planned, and if both are thumbs down, they both don’t proceed,” Leo said. “The rodeo is very enthused about going ahead. If they get their thumbs up, they’re going to start building.” Davenport said if the vote doesn’t pass, then the rodeo and the Spurs will go into a holding pattern, with each having to reevaluate their position. “I personally think we’re voting on whether we want the Spurs in San Antonio or not,” Davenport said. “If Proposition B does not go through, it will kill all things going forward. So I think it’s very safe to say the Spurs will leave San Antonio.” The vote on the venue tax will be on Nov. 4 ballots, with early voting taking place from Oct. 20 to 31.

“Approval means investment in the east side and allows us to begin the next chapter with a new downtown arena,” Swift said. Precinct 3 Commissioner Grant Moody said he was against committing resources toward the Spurs Arena. “While I support the rodeo and our Spurs … I couldn’t support the proposed tax increase, Moody said. “The tax increase is a bridge too far for me.”

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