Bexar County voters have approved funding measures for a new San Antonio Spurs arena and the creation of a stock show and rodeo district at the Frost Bank Center, according to unofficial election results.
The approved propositions are part of Project Marvel, an entertainment district centered around the planned Spurs arena. The total cost for the new arena is projected to exceed $1.2 billion. Of this amount, Bexar County voters authorized $311 million in public funds. The City of San Antonio is expected to contribute $490 million, while the remainder will come from the Spurs organization.
In addition to the arena funding, voters also agreed to allocate $192 million from county venue tax revenue toward bonds that will transform both the Frost Bank Center and Freeman Coliseum into a new stock show and rodeo district. This measure passed by a larger margin than the arena proposal.
While voter approval was required for these county funds, other sources of financing for Project Marvel do not require such approval. The San Antonio City Council has established a Project Finance Zone intended to collect up to $2 billion in hotel tax revenue over 30 years to support the project.
Peter J. Holt, Chairman and Managing Partner of Spurs Sports and Entertainment, has committed $500 million toward development near the proposed arena site as well as $60 million in community incentives and another $500 million toward construction costs for the arena itself.
San Antonio Mayor Gina Ortiz-Jones previously voiced concerns about Project Marvel in June, stating that stakeholders had not yet demonstrated how it would benefit the city.
Voters across Texas also passed several constitutional amendments related to property tax relief. These include raising the school property tax exemption for elderly and disabled homeowners from $10,000 to $60,000; increasing the homestead exemption on school district property taxes from $100,000 to $140,000; and authorizing lawmakers to cap land values in border counties if appreciation results from border security improvements.
