click to enlarge The proposed $1.5 billion arena for the Spurs is part of a broader plans for a sports and entertainment district dubbed "Project Marvel." - Courtesy Image / City of San Antonio
The proposed $1.5 billion arena for the Spurs is part of a broader plans for a sports and entertainment district dubbed "Project Marvel."
Courtesy Image / City of San Antonio
Bexar County commissioners on Tuesday approved a non-binding agreement with Spurs Sports and Entertainment and the city of San Antonio to ensure county property taxpayers won’t fund a proposed $1.5 billion downtown arena.
The unanimously approved document gives the three parties until July to present a plan showing how much money each will pump into the new sports facility. The NBA franchise — last month valued at $3.8 billion — wants to play in a new and upgraded arena since its current home, the Frost Bank Center, is now 23 years old.
The county could contribute $397million-$449 million from its existing hotel occupancy tax, which currently levies a 1.75% surcharge on hotel rooms and car rentals, officials estimate. However, at least $78 million of that sum would have to go to Frost Bank Center upgrades over the next five years.
The agreement approved by county commissioners also sets an early April deadline for the city and county to lay out a community engagement plan. That project would collect input from people living around the Frost Bank Center and the proposed new arena, part of larger downtown development scheme called Project Marvel.
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