Photo: Ronald Martinez / Getty Images Sport / Getty Images
Mayor Gina Ortiz Jones’ attempt to slow down a new arena for the Spurs failed on Thursday in City Council, which voted to approve a term sheet between the team and the city.
Spurs Managing Partner Peter J. Holt has reacted in a statement.
Today’s vote is an important step forward for San Antonio. 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.
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. 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.
This will be a true public-private partnership. 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.
Now, the next step belongs to the people of Bexar County. 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.