By The city now has a new way to use public money to help pay for a new downtown arena for the San Antonio Spurs. The San Antonio City Council created the new Project Finance Zone on Thursday by a vote of 9-0 with two members absent.
The zone will allow the city to take a cut of hotel-related state sales taxes within three miles of the project over a 30-year period. It’s not yet clear what kind of role it will play in the overall funding of the Spurs arena at Hemisfair, which may cost up to an estimated 1.5 billion dollars.
