The receipts
Project Marvel
by the numbers
Every dollar figure, who actually pays it, and what's myth vs. fact — sourced, so you can win the group chat.
~$4B
Total Project Marvel vision
public + private, estimate
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$1.3B
New Spurs arena
approved term sheet
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$750M
Convention center expansion
estimate
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18.5K
Arena seats (max)
17,000–18,500 range
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~50
Acres downtown
anchored at Hemisfair
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2032–33
Targeted opening season
official target
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Who actually pays for the arena?
The $1.3B arena splits into three roughly equal shares — and the biggest single check comes from the Spurs themselves. The Spurs also cover all cost overruns.
Spurs ≥ $500M
City ≤ $489M
County ≤ $311M
Spurs — private money, ~38%
City of SA — capped at $489M / 38%
Bexar County — capped at $311M / 25%
Spurs ≥ $500M
Private money
Spurs Sports & Entertainment's own capital — the largest single share — and they eat every dollar of cost overruns. Approved in the term sheet.
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County ≤ $311M
Visitor taxes
Hotel occupancy tax raised 1.75% → 2.0% plus the 5% rental-car tax. Paid by hotel guests and rental-car customers — approved by voters Nov 4, 2025 (Prop B, ~52%).
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City ≤ $489M
Future project revenue
Not the general fund: arena lease payments, ground leases, TIRZ capture on new development, and state-tax capture. Plain English: future taxes the project itself generates.
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$60M TIRZ land deal
How the site gets bought
The 13.6-acre arena site is bought with future growth in property-tax revenue inside the zone — no new tax rate. Council allocated it Sept 2026; deal expected to close by end of 2026.
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PFZ
State taxes stay home
The Project Finance Zone keeps growth in state hotel, liquor, and sales taxes within 3 miles of the district in San Antonio instead of sending it to Austin. No vote needed — authorized by state law.
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30-year lease
The Spurs aren't leaving
The term sheet locks in a 30-year lease (~$4M/yr rent, +2%/yr) with a non-relocation agreement. This building is the plan for the next generation.
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$442M proposed bond
The voter piece
City Manager Walsh’s proposed 2027–2032 infrastructure bond ($442M, smallest in 20+ years) includes $35M in Hemisfair infrastructure the arena needs before city dollars flow — down from May estimates as high as $250M for Marvel-area work. The city hopes TxDOT and the state cover up to ~$85M more. Voters decide in May or November 2027 — Walsh said a ‘no’ would force the city to reexamine the whole project. Next: bond briefing Wed Oct. 14 (2 PM B Session), final bond projects approved January, election called February.
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No new city property tax was levied for the arena.
The county share comes from hotel and rental-car taxes paid by visitors. Straight talk: the city raised the property-tax rate to 56.288¢ per $100 in the adopted FY27 budget to close a ~$158M gap, and TIRZ dollars are future property-tax growth redirected from the general fund — worth knowing, and not the same as an arena tax.
Myth vs. fact
MYTH
“Residents' property taxes will go up to pay for the arena.”
FACT
No new city property tax was levied for the arena. The county's share is hotel + rental-car taxes paid by visitors — and voters approved it.
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MYTH
“The city is writing a blank check.”
FACT
The city's share is capped at the lesser of $489M or 38%. The Spurs cover all overruns, and the deal includes a 30-year lease with a non-relocation clause.
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MYTH
“It's all taxpayer money.”
FACT
The biggest single check — $500M+ — is the Spurs' own. As Spurs leadership put it: the structure is set up so the arena is funded by visitors' taxes plus team money.
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MYTH
“The Spurs could still leave San Antonio.”
FACT
The approved framework includes a 30-year lease with a non-relocation agreement. The Frost Bank Center lease runs to 2032; the new building is the bridge after that.
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Money milestones
Nov 2024
Project Marvel unveiled
Presented to City Council with concept renderings of the downtown district.
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Aug 21, 2025
Term sheet approved 7–4
Council approves the $1.3B arena framework over the mayor's call for a “strategic pause.”
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Nov 4, 2025
Voters say yes
Prop B passes (~52%) funding $311M via visitor taxes; Prop A passes (~56%) for Frost Bank Center & rodeo grounds.
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Jan 2026
$30M federal site
Council unanimously approves buying the federal building + lots at Hemisfair (Spurs repay the city).
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Source: SA Current, Jan 2026
Sept 2026
$60M TIRZ land vote
Council moves TIRZ funds to buy the 13.6-acre arena site; total land need cited at $115M.
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Sep 17, 2026
Bond math tightens
Council adopts the $4.4B FY27 budget 7-4 with a property-tax increase; 2027 bond capacity falls from $625M to $450M, and the Hemisfair infrastructure price tag lands in October.
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Oct 2026
Bond wish list shrinks
Planners trim Marvel-area bond work from May’s $250M estimate to $35M in the $442M bond proposal and look to TxDOT/the state for up to ~$85M more. Next: Oct. 14 staff briefing, January final approvals, February election call.
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2032–33
Targeted opening
New arena targeted to open for the 2032–33 NBA season. Mortenson + Bartlett Cocke lead construction.
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Sources
Figures compiled Sept 2026. Estimates are labeled; approved items are noted. Check the originals — numbers move as deals close.
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