Spurs to Begin Project Marvel Campaign with 'Win Together' Rally

The arena is part of Project Marvel, a larger initiative that will include renovations to the Alamodome and Henry B. Gonzales Convention Center, as well as a downtown sports and entertainment district. The Spurs have pledged a contribution worth more than $2 billion, all-in.

Making up that total is $500 million direct toward the arena, including all cost overruns, as well as $1.4 billion in private development and $75 million toward community benefits, including early childhood education.

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On Aug. 21, San Antonio City Council approved a resolution for city manager Erik Walsh to finalize negotiations with the Spurs on a term sheet for a new downtown arena in a 7-4 vote. The Spurs now hope to earn voter support for two propositions on the Nov. 4 ballot.

Proposition A would approve $191.8 million for upgrades and expansions to county facilities on the East Side, including the Frost Bank Center, Freeman Coliseum and San Antonio Stock Show & Rodeo Grounds. Proposition B would authorize Bexar County's contribution, upwards of $311 million toward the Spurs' new downtown arena, per the current term sheet.

The final term sheet, which will be "substantially similar" to the one aforementioned, also includes the City of San Antonio's contribution: the lesser of 38 percent of the project's total cost or $489 million, disbursed through a state revenue bond.

The latter was of utmost importance for San Antonio mayor Gina Ortiz Jones, who adamantly fought against continued discussions with the Spurs without a second independent economic analysis on the new arena, surrounding area.

"The term sheet, your feedback on that, that's the test," Jones said after the Aug. 21 vote. "This independent economic study, it's the study guide. How do you know that the things you're asking for are appropriate?"

A study on San Antonio previously done by CSL — the same firm who conducted Jones' frequently referenced Philadelphia study — gave clarity to Walsh, the Spurs and former mayor Ron Nirenberg, who was in office when discussions regarding Project Marvel began.

"This will be a true public-private partnership," Holt said in a statement. "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."

Jones wasn't sold, but the Spurs hope they can swing Bexar County and San Antonio voters to their side of the fence before November's election. Their kickoff rally is first on the docket.

"The Spurs are investing over $2 billion because we believe in San Antonio’s future," Holt said. "There will be no impact on local residents’ taxes and no money diverted from the city’s general fund.

"We are hopeful (voters) will join us in saying yes to the future of our city."