Right as the San Antonio Spurs will be wrapping up their second full week of the regular season, they may face a fight that not many, including themselves, saw coming. In the midst of the offseason and as the NBA preseason inches closer, the Spurs are gearing up for one of their most meaningful battles.
“Now, the next step belongs to the people of Bexar County,” Spurs Managing Partner Peter J. Holt said.
“On November 4, voters will have the opportunity to decide on this project, and we are hopeful they will join us in saying yes to the future of our city.”
Holt is alluding to a potential new Spurs arena.
The citizens of the Alamo City and it's home county will vote on a bond item regarding the $311 million the County Commissioner's Court has committed to the building's construction. The Spurs possible new home is at the heart of a downtown sports and entertainment proposal known as Project Marvel.
“The vote is an important step forward for San Antonio,” Holt added. “I want to thank the members of City Council, the City staff and County for their leadership, diligence and collaboration in helping us reach this point.”
The son of the franchise's former chairman, CEO, and owner Peter M. Holt, the younger Holt noticeably didn't include Gina Jones Ortiz. The recently elected mayor of San Antonio repeatedly called for a pause in negotiations ahead of a City Council vote that approved a term sheet with the Spurs for the new home.
“This project is about more than an arena. It’s about pride in who we are as a city and belief in what San Antonio can become,” Holt continued before going on to lay out the terms approved by city leaders.
“The Spurs are investing over $2 billion because we believe in San Antonio’s future. That includes a $500 million direct contribution toward the arena, covering 100% of cost overruns, guaranteeing $1.4 billion in private development and $75 million in community benefits. There will be no impact on local residents’ taxes and no money diverted from the city’s general fund.”
Spurs' organization ready for next step
The Spurs are in the midst of community outreach as this win or lose contest of a different kind awaits. Should the voters decide against the first step in funding, the franchise would have to alter plans, if not head back to the drawing board altogether. For that reason, they point to their sizable contribution toward the $4 billion Project Marvel.
“This will be a true public-private partnership,” Holt said.
While not all funding details are set in stone, the Spurs have agreed to pay $4 million in rent.
“The arena will be publicly owned, funded by visitors, and built to revitalize our downtown, create jobs and give future generations a place to celebrate together,” Holt concluded.
The biggest commitment not directly related to finances comes in the form of a non-relocation agreement for the term of the lease. It's the only allusion to a possible move that the city's only top-flight professional franchise has made.
Many, if not, most folks in San Antonio hope it stays that way.
Time — and a vote — will tell.
