TEXAS — San Antonio’s Project Marvel is estimated to be a 15-year endeavor, rolled out in phases, that will cost around $3-4 billion. It would encompass a new Spurs arena, convention center expansion and development to the downtown area.
Day two of early voting in Texas happens to fall on the kickoff of the NBA basketball season.
And this election season, San Antonio voters have some big decisions to make about the future of their Spurs. It comes as the Dallas Mavericks and the Dallas Stars look at changing their locations too.
In San Antonio, voters will see two propositions on the ballot. The first, Proposition A, will ask voters to approve the use of $192 million of venue taxes to expand and renovate the Frost Bank Center, the Freeman Coliseum and the San Antonio Rodeo fairgrounds.
Proposition B is asking voters to approve sending over $300 million in venue taxes to the construction of a new Spurs arena.
Back in August, a proposed funding plan received mixed reactions from the public at a City Council meeting.
“This district, if done properly, will help attract marquee events like the Final Four, College Football Playoff, NBA All-Star weekend, while ensuring San Antonio remains a destination for business, talent and tourism,” said Derrick Fox.
“It’s simply not clear how a new arena will generate so many events that will attract the out-of-town visitor activity that drives the economic impact that that report suggests will happen,” said Haywood Sanders.
Ultimately, the council passed the proposed funding with a 7-4 vote.
That funding has a lot of zeros behind it. The arena could cost $1.3 billion alone.
The City of San Antonio would contribute nearly $489 million, which is nearly 40% of the total costs.
Those funds would come from the Spurs’ rent to lease the property from the city, and developers who would create housing, retail and offices around proposed Project Marvel area.
Bexar County would contribute an additional $311 million. This money would come from a new venue tax bond. Essentially, the county is increasing its hotel occupancy tax and car rental tax for visitors to the city.
The Spurs themselves would foot $500 million of the arena, in addition to any added expenses beyond what the city and county agree to contribute.
Again, on Election Day, it’s voters deciding the fate of Project Marvel and other major city renovations.
However, voters can’t wear a Spurs, stock show or fairground logo within 100 feet of a polling location.
All of this comes as Dallas city leaders and major sports teams debate on whether to stay in Dallas or leave.
The Dallas Morning News recently reported that the Mavericks are looking at a move to Irving and city leaders confirmed the Dallas Stars are considering relocating as well. The Stars expect to have an answer in the next six to eight months if they’d like to build a new arena by 2031. Of course, both teams have a longstanding history at the American Airlines Center, so it would be a big change for fans.