SAN ANTONIO – Bobby Perez, chief legal officer and general counsel for Spurs Sports and Entertainment, joined the KSAT Q&A on Wednesday to discuss and break down the cost of a new downtown arena.
A major part of Project Marvel developments is the proposed $1.3 billion Spurs arena. A development that Perez said will come at no cost to taxpayers.
“The structure is set up that the arena is entirely funded by visitors’ taxes,” Perez said.
Contributions for the arena include at least $500 million from the team, up to $489 million or 38% of the arena cost from the City of San Antonio, and up to $311 million or 25% of the arena cost from Bexar County.
Perez said that money provided by the city and county would come from a hotel occupancy tax with no impact on the general fund.
“Every Texas city has a similar structure that builds their venues,” he said.
Perez said he is confident that voters will pass these conditions in November.
When asked if the Spurs will leave San Antonio if the vote does not pass, Perez said, “I understand that’s the question, but we’re totally focused on passage. We’re confident it’s going to pass.”
Watch the full interview in the media player above.
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