A San Antonio city board Friday approved $60 million for the city to acquire 13 acres for a planned Spurs arena and nearly $51 million for improvements at Brackenridge Park, the San Antonio Zoo and the San Antonio Botanical Gardens.
The Midtown Increment Reinvestment Zone (TIRZ) board voted 7-4 to allocate $60 million toward the city’s purchase of the former UTSA Institute of Texan Cultures property. With principal and interest, the arena land purchase could cost about $115 million.
The board also approved $10 million each over five years for the zoo, botanical gardens and Brackenridge Park, plus financing costs that would bring the total commitment to nearly $17 million for each institution. The groups must raise matching private funds before receiving the TIRZ money.
Four board members opposed the arena land funding, including neighborhood representatives George Grimes and Seema Kairam, former District 7 council chief of staff Joe Bravo and District 2 Councilman Jalen McKee-Rodriguez.
McKee-Rodriguez said the arena funding does not align with the TIRZ’s housing goals because the Spurs development agreement does not require affordable housing.
“I think if the TIRZ is going to continue, we should use the money created by the TIRZ to address displacement and gentrification,” Kairam said.
The board also agreed to update its project plan to align future spending with the city’s Strategic Housing Implementation Plan, SA Tomorrow growth plan, anti-displacement policies and public engagement requirements.
The Midtown TIRZ expects to collect about $200 million over the next 15 years if the City Council extends the zone’s expiration date from 2041 to 2060.