The mayor stopped the new stadium! Spurs promise to increase investment to 2.1 billion& bear all overspending & will not relocate

According to Spurs reporter Jeff Garcia, the San Antonio city government and the Spurs proposed a downtown gym clause for the Spurs' new stadium project that has been suspended due to economic problems.

According to reports, the clauses show that the Spurs will be responsible for the operation, repair and maintenance of the new venue and bear all overpayments. The terms also include a non-relocation clause, where the Spurs must keep their NBA team in San Antonio during a 30-year stadium rental and play all home games within that stadium. However, according to NBA regulations, the Spurs have the right to play home games in international or other neutral venues, and can also play up to four home games in other stadiums within the home area.

It is understood that the Spurs promised to increase investment, with a total funding of 2.1 billion. This includes direct investment of $500 million for new venue construction costs; full budget overspending; providing $1.4 billion in security funds for development to create jobs and increase entertainment projects; and providing $75 million in community benefits over a 30-year lease period. In addition, the Spurs also promised that residents of San Antonio would not have to bear any costs in the project, and that project financing would not involve property taxes and sales taxes; no funds would be taken from the General Fund of the Holy City; the city would only have to bear 489 million venue construction costs, and $31,100 would be borne by the county government (the total value of the new venue was $1.3 billion).

Spurs CEO Buford issued a statement on the terms: We are happy to take this step, which will ultimately give everyone the opportunity to make a decision on the venue project in November. Under the proposed list of terms, the Spurs' total commitment will reach $2.1 billion. We are always committed to ensuring that Quds residents are not affected by taxes and to guarantee that all overpayments may be borne by any possible construction costs. From the initial conversation with city leaders, this has always been more than just a new venue, it will be a place to cultivate opportunities, create permanent memories and ensure the continued prosperity of the Holy City future generations. We thank the San Antonio City Council, the mayor, the judge and Bexar County leaders for their time and commitment in the process. Their leadership is crucial to our achievement of this milestone and we look forward to continuing to advance this work on behalf of the people of Holy City and Bay County.

The Spurs’ new stadium project, known as the “Miracle Project,” is a multi-billion dollar plan for the Holy City, aiming to enhance the downtown with a sports and entertainment area centered on the Spurs’ new stadium, which will bring an upgraded venue and a versatile visitor experience. The newly built Spurs Arena is located at the Hemisphere Expo Center, which is the former site of the 1968 World Expo. While most councillors and residents agreed to advance the project, the mayor of St. City has been calling for a moratorium on economic issues.

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