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Missions will develop a youth program that includes a set number of free tickets per year for youth groups and teams Employees will receive city minimum wage of $18/hour
In 2022, Designated Bidders purchased the Missions from “absentee” owners. Composed of 30 owners, the group includes local civic and busi- ness leaders, San Antonio Spurs alumnus David Robinson and family, and Ryan Sanders Baseball. Cohen said the group is composed of local owners dedicated to maintaining San Antonio’s 136-year baseball tradition. The purchase by Designated Bidders includes a professional development license, which requires ownership to provide ballpark facilities that meet certain criteria. Nelson W. Wolff Municipal Stadium, the Missions’ home since 1994, received the lowest rating of all MLB stadiums and required major renovations to conform to these standards. Cohen said the renovations needed to bring the stadium into compliance with MLB standards required a heavy investment. “It doesn’t make economic sense to put the required resources into an old facility that would have a short shelf life,” Cohen said.
Local government officials, team ownership and developers are still negotiating multiple aspects of a final agreement. This includes an economic development agreement to be completed in 2024. A team lease, a developer agreement and a TIRZ funding agreement are estimated to wrap up in 2025. The first two phases of private development will be guaranteed by the Missions and consist of a two-year rolling line of credit as well as a second line of credit from a subset of the ownership. Designated Bidders’ equity contribution of $34 million represents approximately 86% of the funding for the stadium, with the remaining 14% to be taken from the Houston Street TIRZ. Bonds will be issued no later than November 2025.
Soap Factory tenant relocation assistance
The city and county each have access to the ballpark 5 days a year A $200,000 annual contribution from the Missions to support local initiatives for children and homeless veterans Projected financial benefits: • $65.9 million in new property tax revenue through phases 1 and 2 for The University of Texas Health Science Center at San Antonio • $110 million in property tax collections projected through 2025 for San Antonio ISD debt service • $4.2 million in new property tax revenue for San Antonio River Authority from phases 1 and 2
SOURCE: BEXAR COUNTY COMMISSIONERS COURT/COMMUNITY IMPACT
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