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The city, county, and San Antonio Spurs formally signed a non-binding memorandum of understanding to establish a new downtown sports and entertainment district.
It would move the team out of the East Side Frost Bank Center.
Both the city and county have pledged not to ask property taxpayers to foot the bill for the district.
Instead, revenue from the county's venue tax would be one major source of funding.
In a statement, Mayor Ron Nirenberg said, “This agreement to pursue a downtown sports and entertainment district that includes the Spurs represents a shared commitment to the future of our community."
He added: "It also allows us to begin a thoughtful and transparent process — not only to explore what will be necessary to fund this project, but also to engage directly with our residents to better understand their needs and priorities. San Antonio deserves world-class opportunities, and our residents deserve to have a voice in shaping them.”
Voters would have to approve the venue tax measure.
In the same statement, Bexar County Judge Peter Sakai said, "We are looking forward to a potential November venue tax election to allow voters to voice their opinion on the new Spurs arena, which is the only component of Project Marvel involving Bexar County.
He added: "The venue tax will also be critical for us to deliver on my pledge to redevelop the East Side and use some of those funds to pay for much-needed improvements and upgrades to the Frost Bank Center, Freeman Coliseum and the surrounding area.”
In a separate statement, Spurs CEO RC Buford said, “We appreciate the partnership between the City and County as we take steps together in exploring a future downtown Spurs arena. This is an exciting project that we believe presents the opportunity to energize our economy, strengthen our community and position San Antonio for long-term success. ... We are thrilled about the possibilities ahead and look forward to engaging our community in shaping this vision.”
The sports and entertainment district would straddle I-37 and combine sports, entertainment, dining, shopping, and residential space. A new arena would be at its heart.
It would include an expansion of the convention center, a new convention center hotel, and a land bridge over I-37 to connect the East Side to downtown.
