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Project Marvel Moves Forward: City Council Clears Path for Voter Approval of Downtown Spurs Arena

SAN ANTONIO, TX — Project Marvel is one step closer to becoming reality. In a decisive move, San Antonio City Council voted 4-7 Thursday to reject a resolution (Item 4) that would have delayed consideration of the proposed term sheet for the new downtown Spurs arena. The vote to move forward on a negotiated Spurs term sheet (Item 5) was successful and passed with a 7-4 vote.

Concerns surrounding funding have been consistently addressed, and the facts remain clear: the new sports and entertainment district will be funded primarily by visitors, not local residents. No general fund dollars will be utilized, nor will taxpayer’s wallets be impacted.

The project’s three main funding sources are:

  1. Visitor Taxes — Bexar County has agreed to a $311-million venue tax that includes Hotel Occupancy Tax (HOT) on hotel stays and rental cars. There will also be a state funding mechanism via hotel-related taxes through the Project Finance Zone (PFZ).
  2. San Antonio Spurs — A direct contribution from the team itself including $500-million dollars to the arena; $500-million dollars in buildout for the sports and entertainment district; $75-million to a community benefits agreement commitment to pay for all cost overruns.
  3. City of San Antonio — $489-million revenue bond issuance which will be paid back by ground leases and property taxes within the sports and entertainment district.

“This is a huge win not just for downtown, but for all of San Antonio,” said Trish DeBerry, President and CEO of Centro San Antonio. “This decision puts the choice directly in the hands of voters and positions our city for success on a global stage. Paired with the brand-new Missions stadium northwest of downtown, this project will deliver the density and vibrancy to reimagine our urban core. The heart and soul of our city will beat louder than ever, and Centro is committed to ensuring it beats for everyone, with inclusivity, opportunity, and a strong economic foundation at its core.”

Election Day is November 4, early voting starts October 20. Centro San Antonio will continue to provide updates and share opportunities for the community to make their voices heard as Project Marvel moves toward reality.