SAN ANTONIO – The details on how a potential San Antonio Missions’ downtown baseball stadium would be financed were revealed Wednesday during a city council meeting.
The proposed plan will be a joint effort between the city, Bexar County, and the team’s ownership group.
According to the city, the would-be stadium — located in the northwest section of downtown — would be a multi-purpose ballpark facility with fixed seating for 4,500 people and a total capacity of 7,500.
How will the stadium be paid for?
Chief Financial Officer Ben Gorzell for the City of San Antonio estimates the stadium’s cost at an estimated $160 million. The stadium will be funded with the Missions’ equity contribution, bonds issued by the San Pedro Creek Development Authority, and revenue from the Houston Street Tax Increment Reinvestment Zone project.
The Missions are responsible for construction overruns exceeding the estimated cost of the ballpark.
The downtown development, expected to be completed in four phases through 2031, will generate an estimated $1 billion in taxable revenue.
Since the ballpark is planned to be located inside the Houston Street Tax Increment Reinvestment Zone, the San Antonio City Council can set a boundary for property taxes that can be used for economic development projects within the zone. This tool is available under Texas state law.
The San Pedro Creek Development Authority, owners of the future ballpark, is responsible for issuing the bonds generated from the Houston Street Reinvestment Zone project. The authority includes members of the city, county and representatives from the Missions.
In terms of funding the ballpark, there’s a $34 million contribution from the Missions, property tax increments from the first of two development phases, a municipal management district assessment from the first two phases of development, 18 lease payments of $1 million per year and a $2 ticket fee.
The first two phases of development are anticipated to be completed by 2029 and come with guaranteed approval, totaling $575 million. Gorzell said these numbers could change as interest rates change over time.
The development of phases one and two generates approximately 86% of the stadium’s cost. Phases three and four could generate another $425 million for a total of $1 billion in new projects around the stadium by 2031.
If the taxable value of the first two phases is higher than the city is projecting, 14% of the stadium’s total cost, stemming from the existing Houston Street Tax Increment Reinvestment Zone, could potentially decrease.
If the development reaches $1 billion, the existing money within the Houston Street Tax Increment Reinvestment Zone would not need to be used, and the remaining money could be used for other projects.
The stadium is projected to be completed for Opening Day in April of 2028, according to city officials.
The Missions currently call Nelson Wolff Stadium, which opened in 1994, home. It has fixed seating and a grass section in the left field and seats approximately 9,200 people.
In 2022, Major League Baseball raised requirements for minor-league baseball facilities. The team’s ownership group said that Nelson Wolff Stadium would need significant renovations to meet those requirements. The group has said it would prefer a new ballpark downtown.
In July, Bexar County Judge Peter Sakai and Mayor Ron Nirenberg sent a letter to Major League Baseball expressing the county and city’s intent on working with the Missions to build a downtown ballpark.
The Missions currently have a lease to play in the city-owned Nelson Wolff Stadium through 2031.
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