SAN ANTONIO — Bexar County’s Propositions A and B were approved by voters in Tuesday’s election, allowing Project Marvel to move forward as planned.
Proposition A passed with over 55% of the vote and will fund upgrades to the Frost Bank Center, the Freeman Coliseum and the San Antonio Stock Show & Rodeo Grounds by increasing the city’s hotel occupancy tax to 2% and allocating revenue from the motor vehicle rental tax to cover some of the cost of the project.
Proposition B, which passed with about 52% of the vote, deals with the funding of a potential new stadium complex for the San Antonio Spurs, and also will use money from a raise in the hotel occupancy tax and money from the motor vehicle rental tax to do so. The approved plan commits up to $311 million to help build the multipurpose arena.
The Spurs have said they will commit at least $500 million toward construction of an arena, plus cover all overruns — which could be significant. They would also be paying rent at the new arena, and that money will help offset what is a proposed $489 million contribution from the city.
“We love this city, we love this county, and the county and the city love us back,” Peter J. Holt, the chairman of Spurs Sports and Entertainment. told reporters Tuesday night.
Another piece of the plan: The Spurs are promising that about $1.4 billion in private development around the new arena will happen. And with the approval of Prop A, lawmakers are able to devote about $200 million for that purpose.
“We’re ready to do something really special that’s going to help the Spurs, it’s going to help the rodeo, it’s going to help all sectors of the community and it’s going to be right in the heart of our city,” Holt said. “This is something we deserve. Our fans deserve it. Our community deserves it. We’re going to believe and execute big things.”
There is no proposed timetable for construction. and Holt said the Spurs are “at the very beginning of the design stage.” The team’s lease at its current home, Frost Bank Center, runs out in 2032.
San Antonio Mayor Gina Ortiz Jones released the following statement after the passage of Proposition B:
“The people of San Antonio have voted to approve the county’s contribution toward the proposed Spurs arena, and I will work to ensure this generational investment helps to revitalize our downtown and strengthen our city. Great cities are built through collaboration, persistence, and a willingness to keep working toward bold visions. Our urban core represents an opportunity to remake a vital part of our city—one that can drive economic activity, create quality jobs, and add affordable housing stock that our community desperately needs. I remain committed to working with my Council colleagues, City Staff, the Spurs, and with community leaders to develop a plan that ushers in an era of progress and affordability downtown.”