August 27 is when the San Antonio City Council could consider approving the terms sheet for a billion-dollar downtown Spurs arena.
SAN ANTONIO — The City of San Antonio and Spurs Sports & Entertainment are closer to finalizing a terms agreement for a new downtown arena, according to officials.
The development follows several days of negotiations on the proposed arena, expected to be built in the old Institute of Texan Cultures site and estimated to cost between $1.3 billion and $1.5 billion.
San Antonio City Council will be tasked with voting on the terms sheet by the end of the month.
“The city has made significant progress in negotiations with the Spurs this week,” City Manager Erik Walsh said Friday evening. “Discussions have been productive, and both sides are close to finalizing terms that align with the financing structure previously shared with City Council. Once the draft term sheet is agreed upon, City Council could consider the proposal as soon as Wednesday, August. 27.”
The arena has served as a prominent point of discussion surrounding the overarching vision of Project Marvel, the massive plan for establishing a downtown sports and entertainment district. The blueprint encompasses several other “anchor projects,” including expansion of the Henry B. González Convention Center, renovations to the Alamodome and the construction of a land bridge over Interstate 37.
Earlier this month, the Bexar County Commissioners Court approved a November venue tax election that, if approved, would generate $311 million for a new Spurs arena. The city has outlined funding mechanisms to contribute up to $500 million, while the Spurs have committed $500 million of their own.
Mayor Gina Ortiz Jones had called for a “strategic pause” in negotiations, pushing for an independent economic analysis to better inform San Antonio residents about the cost benefits and impacts of a fresh Spurs arena. She referred to the CSL-conducted study on the project “inadequate.”
Negotiations continued, at the behest of most City Council members.
Meanwhile, Jones’ predecessor has made known his reservations about any pause in negotiations.
“We do not accomplish the goal of transparent deliberation if there’s a pause in the negotiation,” Mayor Ron Nirenberg told KENS 5. “There has been a lot of desire to get to the bottom line, to get to the numbers and the commitments from the Spurs and how that will relate to San Antonio taxpayers. That will all be resolved through the term sheet, which we cannot get to until there is negotiation.”
Now an observer, Nirenberg remains as optimistic as ever about the future of Project Marvel, especially when it comes to the Spurs component of the venture.
He now works at Trinity University as a professor of practice in the Department of Communication. He also acknowledged the challenges of politics and misinformation about the project, including when it comes to funding.
“It’s a win-win,” he said. “It’s good for the community because we’re improving our downtown, it’s good for the Spurs because they have another generation of life in the heart of our downtown here in San Antonio, and it’s good for our community to enjoy the fact that we’re doing this prudently and fairly as it relates to protecting taxpayers.”
“At the end of the day,” he continued, “I do think facts float to the top. And the fact is these revenues are being produced for the purpose of improving these venues. If we don’t use them here in San Antonio they will go elsewhere.”