SA City Council has approved tax refund of $ 17 million for Spurs training facility and larger Human Performance Campus.


San Antonio – – This is a developing story. Please check for updates.

The city of San Antonio will formally invest public funds in the $ 510.08 million “Human Performance Campus” led by Spurs Sports & Entertainment near La Cantera, bringing the total local public incentives to $ 32 million.

City council members cast 9-1 votes to approve tax refunds of up to $ 17 million for projects near 50 acres near the northwest corner of Interstate Expressway 10 and Loop 1604. .. As with the city, it will regain 60% of the city’s property tax burden for 20 to 23 years, or until it reaches the $ 17 million cap.

“The taxes they paid will be paid based on what they invested,” Assistant City Manager Alex Lopez told members of the council.

District 2 councilor Jalen McKee-Rodriguez voted against the rebate for opposition to encouraging economic development in the Edwards aquifer recharge zone.

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District 10 Councilor Clayton Perry was attending a meeting in Minneapolis and not a vote on Thursday.

According to SSE officials, the Human Performance Campus has world-class training facilities, state-of-the-art healthcare offices, 22 acres of parks and an outdoor plaza. SSE officials explore the components of the project’s Human Performance Institute to bring together researchers from around the world to improve human performance not only in the field of athletics, but also in cognitive, social, and creative arts. It is explained as a place where you can do it.

“When I looked at the future of our program, I said,’Why not in San Antonio,’” SSE CEO RC Buford told the councilor. “Why don’t you come here in a region that is growing as fast as the world and already has great resources from the military, academia, medical care and research??? “

The approximately 50-acre campus, outlined by Spurs Sports and Entertainment, is located on the northwest corner of Loop 1604 and I-10 near La Cantera and Six Flags. The plan includes practice facilities, parks, office spaces, and the “Human Performance Institute”. (Spurs sports & entertainment)

County leaders have already invested $ 15 million in the project, but the form of support has not yet been decided. In return, the county acquires land for parks maintained and operated by Spurs. This is similar to the agreement with the AT & T Center or Toyota Field.

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The Spurs organization estimates that $ 501.8 million will be invested in the project over a five-year period. Spurs officials have previously told KSAT that the project will be funded primarily by retail investors.

Bobby Perez, executive vice president and general counsel of SSE, said the $ 32 million public investment is leveraging an additional $ 470 million.

City officials and officials called the campus a “catalytic” project.

Mayor Ron Nirenberg said: “Having San Antonio, which has established the highest position in the world for its research, is something we should continue to rely on, and Spurs’ approach to forming this conceptual campus around it. Thanks. First idea. “

In their conversation, county and city officials both touched on the idea of ​​whether the project really meant that the beloved basketball team would be pinned to the city of Alamo.

Austin’s billionaire Michael Dell and global investment group Six Street bought a minority stake in Spurs in June, among fans about the future intentions of the franchise and whether the team will stay in San Antonio. I was worried.

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“Getting $ 120 million to invest in this to maintain the good old Spurs here in San Antonio is a big step in doing that,” said Nelson Wolf County Judge in the county. I mentioned it in the discussion on August 10.

Manny Peraez, councilor of District 8 where the project site is located, said support for the project was not calculated when trying to keep the Spurs in the city.

“The Spurs are just one part of this,” Peraez said from Days. “Many other companies and players who contribute to the success of this project will be involved here, but that too should not be underestimated.

Spurs officials predict that the site may have more than 1,700 potential full-time employees.

City transactions include at least $ 246 million in capital investment on the site, at least 15 job creations that pay more than $ 50,000 a year, agreement to comply with city tree and water quality ordinances, publicity and participation It comes with a string to help you. SA: The Ready to Work program pays $ 1.3 million for public art for the project.

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City incentives apply to approximately 24 acres of the project and not to 22 acres of parks.

The city estimates that the project will deduct $ 21.6 million to the city over the 25 years of the contract, based on tax revenues, construction and job creation from the site, even if there are rebates and other costs.

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SA City Council has approved tax refund of $ 17 million for Spurs training facility and larger Human Performance Campus.

Source link SA City Council has approved tax refund of $ 17 million for Spurs training facility and larger Human Performance Campus.