Overview

• Council members rejected Mayor Gina Ortiz Jones’ proposed delay for an independent study and more public meetings in a 4–7 vote.
• The approved term sheet authorizes the city to pursue up to $489 million in financing, to be repaid from arena and ground leases, tax capture zones and eligible state hotel taxes.
• Spurs Sports & Entertainment pledges at least $500 million, will cover any cost overruns and will pay $2.5 million annually for 30 years under a community benefits agreement.
• Bexar County’s contribution of up to $311 million from a venue tax requires voter approval on Nov. 4, and officials say the deal will not proceed without it.
• The plan calls for buying the former Institute of Texan Cultures site for about $60 million and includes a 30-year lease with $4 million in rent, 2% annual increases and a non-relocation clause.