The San Antonio Spurs could be in line to have a new arena in San Antonio, Texas.
The San Antonio City Council on Thursday approved an updated plan for a $4 billion project to build a downtown sports and entertainment district. A new law in 2023 gave San Antonio the ability to upgrade their convention center and Alamo Dome using state tax dollars, so long as they began construction on the project within five years. The city is now looking to add a new basketball arena to the project, and they are hoping the five-year timeline can be reset.
The city created a “Project Finance Zone” (PFZ) that will run three miles around the area where they are planning to upgrade. That specific zone “would allow the city to collect a portion of hotel-related state tax dollars within three miles of a ‘qualified project’ over the course of 30 years to help pay for the arena.”
According to the proposal, any new Spurs arena project that goes forward would receive funding from a mix of public and private funds. The private funds would involve contributions from the Spurs, as well as potential team revenue via devices such as leases. Public funding would come through tax revenue, such as money generated via the PFZ, and through tourism (hotels and car rentals).
The Spurs play their home games at the Frost Bank Center, which opened in 2002 as the SBC Center. The cost for the arena was $175 million. Though other teams have played in the same arena over the years, the Spurs are the only team that currently plays at Frost Bank Center.
