Bexar County voters approved propositions to fund a new San Antonio Spurs arena and create a stock show and rodeo district out of the Frost Bank Center, where the Spurs currently play, according to unofficial election results.
The propositions are part of the funding scheme for Project Marvel, a planned entertainment district to be anchored by the new Spurs arena. The total cost of the arena exceeds $1.2 billion, but the Bexar County money approved on the ballot — $311 million — is only part of the total pot. The City of San Antonio is also expected to chip in $490 million, and the Spurs organization is expected to supply the rest.
Voters also approved spending $192 million of Bexar County venue tax money to pay bonds issued to make a new stock show and rodeo district out of the Frost Bank Center and the Freeman Coliseum. It won by a wider margin than the Spurs proposal.
These county funds required voter approval, but other funds for Project Marvel do not.
The San Antonio City Council created a Project Finance Zone to collect up to $2 billion in hotel tax revenue for the next 30 years in service to the project. Spurs Sports and Entertainment Chairman and Managing Partner Peter J. Holt has pledged $500 million for development near the planned arena and $60 million for community incentives, along with $500 million to help build the arena itself.
In June, San Antonio Mayor Gina Ortiz-Jones expressed skepticism about the project, arguing that stakeholders haven’t shown how the city will benefit.
Statewide Property Tax
Voters across Texas also approved a raft of constitutional amendments aimed at property tax relief.
Voters approved authorizing the legislature to raise the school property tax exemption for elderly and disabled homeowners from $10,000 to $60,000. It passed by a wide margin.
Raising the homestead exemption from school district property taxes from $100,000 to $140,000 for all homeowners was approved.
Voters authorized the legislature to cap the value of land in Texas border counties if it appreciates due to border security improvements.
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