The City of San Antonio may spend as much as $100 million to purchase property owned by the University of Texas San Antonio and the federal government so it can get moving on the Spurs’ new arena and adjacent entertainment and sports district.
The San Antonio Business Journal reports the cost to purchase the UTSA land is $60 million, with the federal piece could cost over $30 million.
Funding from the city’s Midtown Tax Increment Reinvestment Zone would be used to fund the acquisition of the UTSA property. The Spurs would fund the acquisition of the federal property, but the city will ultimately own the property.
The City of San Antonio is working to secure a finalized term sheet with the Spurs that would include nearly $490 million in municipal funding toward the arena development cost.
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