Exciting Development Underway for San Antonio Missions’ Downtown Baseball Stadium
The news about a potential downtown baseball stadium for the San Antonio Missions has been making waves, with the details of how the project will be financed recently unveiled during a city council meeting.
The plan, a collaborative effort between the city, Bexar County, and the team’s ownership group, outlines a state-of-the-art multi-purpose ballpark facility with seating for 7,500 spectators in the northwest section of downtown.
Financing the Stadium Project
The estimated cost of the stadium is around $160 million, with funding sources including the Missions’ equity contribution, bonds issued by the San Pedro Creek Development Authority, and revenue from the Houston Street Tax Increment Reinvestment Zone project.
Construction overruns exceeding the ballpark’s estimated cost will be the responsibility of the Missions, with additional funding expected to come from various sources over the project’s four-phase completion timeline through 2031.
One interesting aspect of the financing plan is the utilization of the property tax increment within the Houston Street Tax Increment Reinvestment Zone. This tool, available under Texas state law, allows the city council to allocate taxes for economic development projects within the designated zone.
The San Pedro Creek Development Authority, which will issue the bonds for the stadium, includes representatives from the city, county, and the Missions organization.
Alongside the Missions’ $34 million contribution, funding will come from property tax increments, municipal management district assessments, lease payments, and ticket fees, culminating in a total budget of $1 billion for various development projects around the stadium by 2031.
Future Growth and Development
Phases one and two of the development are expected to be completed by 2029, with further phases projected to bring additional revenue for a grand total of $1 billion in new projects surrounding the stadium by 2031.
If the taxable value of the initial phases exceeds projections, this could potentially lower the required funding from the Houston Street Reinvestment Zone project, allowing for flexibility in budget allocation.
The ballpark’s completion is set for Opening Day in April of 2028, marking an exciting milestone for San Antonio sports fans.
Move to a New Stadium
The decision to pursue a new downtown stadium comes after Major League Baseball raised facility requirements for minor-league teams, prompting the Missions’ ownership group to consider a more modern alternative to Nelson Wolff Stadium, where they currently play.
With a lease in place at Nelson Wolff Stadium until 2031, the Missions are poised to make a significant upgrade to their home venue, bringing a new era of baseball entertainment to San Antonio.
Stay tuned for more updates on this exciting development of the San Antonio Missions’ downtown baseball stadium project.
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