Our New SBC Arena
Commissioner Tommy Adkisson
October 17, 2002
Finally the new SBC Center opens this week! This Friday, October 18, 2002 your San Antonio Spurs will play their first preseason home game in our new arena. This arena will not only be the home of the San Antonio Spurs but of the San Antonio Livestock Exposition as well. You may recall, the new arena was voted on by you back in November 1999. And, it was approved by an overwhelming vote 61- 39% vote.
After the election, the hard work began with negotiating the details of building a first class facility for you the taxpayers of Bexar County. You may recall that the San Antonio Spurs chose the County's Arena proposal because the County believed that the community did not need to finance the project. The County felt that the major funding of this project should come from both the public and private sectors of our community. Taxes were to be collected from a 1/8 sales tax collected from the hotel/motel industry and from short-term car rentals.
A price tag of $175 million dollars was estimated to build this new arena of which the County's portion was to be $146.5 million in bonds payable over a period of twenty years. The San Antonio Spurs were to pay $28.5 million dollars up front. Additionally, the Spurs pay $1.5 million in rent annually and $1 million annually to a capital repair fund, as well as any cost over runs that may have been incurred during the building of the new facility. The San Antonio Livestock Exposition will pay $1.2 million with an increase to $1.4 million in rent over a 25-year lease and $300,000 into the annual capital repair fund. It is important to note that this facility is the first facility in Bexar County to receive any private money for its construction. The Joe and Harry Freeman Coliseum, the Alamodome and Wolff Stadium did not!
We broke ground in August 2000 and 2 years later we are opening the doors to you the public with this preseason opener and with an openhouse for the public beginning at 11:00 a.m. to 5:00 p.m. on October 27, 2002. At this opening the San Antonio Spurs will be there practicing all day. This practice session will be open to the public. The entire opening will be free of charge with food and entertainment for all. I encourage you to stop by and see this first class facility. It is after all your arena one of which I am sure you will be very proud to also call the Home of our San Antonio Spurs, the San Antonio Livestock Exposition and many other world-class events! Congratulations!