San Antonios term sheet with the Spurs isnt a great deal, top sports economist says

The San Antonio City Council approved a $489 million financing plan for a new $1. 3 billion arena for the Spurs, with a 7-4 vote. Economist Andrew Zimbalist critiques the deal, highlighting that the Spurs' financial contribution is less than half of the total cost, which is problematic compared to other NBA cities. The city plans to fund its share through property tax revenues generated by anticipated development at Hemisfair. Zimbalist cautions that if the new businesses around the arena are simply relocated rather than newly created, the city's economic projections may fail.

Spurs Sports & Entertainment has committed an additional $500 million for surrounding development, but Zimbalist questions the clarity and enforceability of this commitment. He expressed concerns about the potential impact on the city's budget, particularly given its projected $170 million deficit. Local voters will decide on the deal in November, with proponents claiming it won't cost taxpayers. Zimbalist's analysis raises significant doubts about the financial viability of the project.