A publicly financed downtown arena for the Spurs “is on its way to becoming a reality” after about 52% of Bexar County voters approved devoting up to $311M “in county hotel and rental car tax dollars to help pay for a new” $1.3B arena to be built at Hemisfair. The arena financing deal that the team worked out with the city and county “was contingent upon the passage of Proposition B -- the only part of the deal that requires voter approval.” A number of supporters “gathered at River North Icehouse to watch the results come in,” including Spurs Sports & Entertainment Chair Peter Holt, who told reporters that the election results would “create incredibly positive momentum for conversations with all the stakeholders that are necessary.” The Spurs organization invested $6.5M of its own money in campaigning for Prop B as of Oct. 25 (SAN ANTONIO EXPRESS-NEWS, 11/4).
Proposition A -- a plan to raise Bexar County’s taxes on hotel rooms and car rentals to provide about $192M to renovate Frost Bank Center, Freeman Coliseum and surrounding facilities -- passed with 55.9% of voters for and 44% against. The proposal “will make way for the San Antonio Stock Show & Rodeo to expand its programming to host Western events year-round.” Rodeo and coliseum leaders “dreamed up their proposal” after learning that Spurs Sports & Entertainment executives and city staff were discussing building an arena downtown and leaving Frost Bank Center (SAN ANTONIO EXPRESS-NEWS, 11/4).
The Spurs have said they “will commit at least” $500M “toward construction of an arena, plus cover all overruns -- which could be significant.” They would also be paying rent at the new arena, and “that money will help offset what is a proposed” $489M contribution from the city. The Spurs are also “promising” that about $1.4B in “private development around the new arena will happen” (AP, 11/5).
