Bexar County voters have approved measures to allocate $503 million for a new San Antonio Spurs arena and to establish a stock show and rodeo district at the Frost Bank Center, according to unofficial election results.
The funding is part of Project Marvel, which aims to create an entertainment district anchored by the new arena. The total cost of the proposed arena is more than $1.2 billion. Of this amount, $311 million will come from Bexar County funds that required voter approval. The City of San Antonio is expected to contribute $490 million, while the remainder will be provided by the Spurs organization.
Additionally, voters agreed to use $192 million from county venue taxes for bonds supporting a new stock show and rodeo district at both the Frost Bank Center and Freeman Coliseum. This measure received broader support than the Spurs arena proposal.
Other sources of funding for Project Marvel do not require voter approval. The San Antonio City Council has established a Project Finance Zone designed to collect up to $2 billion in hotel tax revenue over 30 years for the project’s benefit. Peter J. Holt, Chairman and Managing Partner of Spurs Sports and Entertainment, has committed $500 million toward development near the planned arena and an additional $60 million for community incentives, as well as another $500 million toward construction of the arena itself.
San Antonio Mayor Gina Ortiz-Jones previously expressed doubts 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. One amendment increases the school property tax exemption for elderly and disabled homeowners from $10,000 to $60,000. Another raises the homestead exemption from school district property taxes from $100,000 to $140,000 for all homeowners. An additional measure allows lawmakers to cap land value increases in Texas border counties when appreciation results from border security improvements.
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