Overview
- Council members voted unanimously to submit a Spurs-funded offer for a federal office building and two parking lots near Hemisfair, with closing targeted for June or July if the GSA accepts.
- The city would own the parcels and lease them to private developers for mixed-use projects designed to generate property tax revenue toward its $489 million arena commitment.
- Federal agencies are expected to remain in the building for up to five years while relocation plans proceed.
- Officials still must acquire the arena site at the former Institute of Texan Cultures, estimated at $60 million, with options including TIRZ financing or a land swap and a goal to complete the purchase this year.
- The broader program includes a $320,000 revenue-and-services study, a $10 million executive project manager, and updated costs that could reach $1.4 billion, with ballpark bonds targeted for summer and later-phase items such as a second convention hotel, an I-35 land bridge, and a major Alamodome overhaul deferred.