City leaders emphasizes taxpayers will not be footing the bill.
SAN ANTONIO — City and county leaders have been working with Missions baseball ownership to bring a new ballpark to downtown San Antonio.
On Wednesday afternoon, San Antonio City Council was presented with plans that would bring a stadium to northwest downtown, at Flores and Quincy. The estimated price tag: $160 million, though if current plans hold, taxpayers wouldn’t be on the hook.
Officials with the San Antonio Missions say the new ballpark will keep the minor league team here in San Antonio, as well as keep the city open to new opportunities with Major League Baseball.
The ballpark would seat 4,500 and have a capacity of about 7,500. During the presentation, city leaders were told Nelson Wolff Stadium is noncompliant, having received the lowest rating by MLB despite recent improvements.
As part of the proposed plan, the city and county would create a San Pedro Creek Development Authority which would own the park.
Funding for the new ballpark would primarily come from a $34 million team equity contribution from the Missions. The rest, about $126 million, would be paid for by bonds issued by the newly created San Pedro Creek Authority, with a pledge from the Houston Street Tax Increment Reinvestment Zone (TIRZ).
Those are taxes collected under a state law which are used for economic development projects.
Officials say the new ballpark will bring with it new development around the stadium from the restaurant and hospitality industries. Projections of new taxable value from the development stand at around $1 billion, and will be implemented in four phases, with the final phase set to take place in 2031.
Officials say that new development of taxable value will make up about 86% of the stadium’s total cost. In essence, it would fund the stadium.
The bonds would also be repaid by team revenue, which would include a $1 million-a-year lease and a $2 ticket fee for attendees. Also propping up the project financially are guaranteed city and county property taxes from new developments, and Houston Street TIRZ money from the city and county.
Officials say any shortcomings would be picked up by the Missions and secured through credit lines by banks. This would include any unrealized revenues from the new development, as well as extra construction costs.
City officials say they hope to finalize a deal within the next four to five months. The hope is for the ballpark to be ready for opening day in April of 2028.
A meeting will be held at the end of August where community members will have the chance to provide their say.
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