Spurs CEO breaks silence amid new arena negotiations

“We’re pleased to take this next step in the process, which will ultimately give the voters the opportunity to decide on the arena project this November,” Buford continued while alluding to an eventual possible city-wide vote. “As part of the proposed term sheet, the Spurs’ total commitment will be $2.1 billion. What has been consistent throughout this process is our commitment to ensure no tax impact on San Antonio families and our assurance to cover 100% of any and all construction cost overruns,”

The term sheet is at the heart of the debate led by Mayor Jones-Ortiz, who was elected via runoff in early June.

“From our very first conversations with city leaders, this has always been about more than a venue,” Buford added. “It’s about building a place that fosters opportunity, creates lasting memories and ensures San Antonio continues to thrive for generations to come.”

The contents of the Spurs terms

Mayor Ortiz-Jones continues to adamantly state that the city does not have enough data for an initial vote among elected local representatives, citing that the firm that conducted the economic analysis has ties to a Spurs ownership partner.

Amid those claims, the Spurs, who’ve called the Alamo City home for more than 50 years, released details on their commitments included in the proposed non-binding agreement. Among them:

-$500 million Spurs direct contribution toward the $1.3 billion arena cost
-Spurs cover 100% of any and all cost overruns
-$1.4 billion Spurs guarantee, alongside private developers, in private development projects to create jobs and enhance family entertainment opportunities
-$75 million Spurs Community Benefits Agreement over the 30-year lease term
-$2.1 billion total Spurs commitment all-in (arena contribution, overruns, private development guarantees, and community benefits)
-No cost to San Antonio homeowners or renters – because the financing structure doesn’t rely on property taxes or even sales taxes
-No money diverted from the city’s general fund
-$489 million City contribution
-$311 million County contribution

The Spurs organization added that their commitments have grown in a few areas and that they’re excited to reinforce the strength of their investment in San Antonio and Bexar County. The five-time NBA champions add that the changes reflect the progress made once all parties, including themselves, City staff, and the County had the opportunity to work together at the negotiating table. The franchise maintained that it’s a collaborative process that’s allowed each group to contribute in earnest and with due diligence to shape the framework of the term sheet.

It’s a project going on three years in the making. The Spurs state they look forward to continuing a transparent process with City Council and community and view the term sheet as an important step toward the shared  goal of creating a vibrant downtown that will benefit the entire community.

“We’re grateful to the San Antonio City Council, City Manager Erik Walsh, Judge Peter Sakai, and the Bexar County Commissioners for the time and commitment they’ve invested in this process,” Buford concluded. “Their leadership has been invaluable in helping us reach this milestone and we look forward to continuing this work together on behalf of the people of San Antonio and Bexar County.”