DEPARTMENT: Convention & Sports Facility
DEPARTMENT HEAD: Michael J. Sawaya
COUNCIL DISTRICTS IMPACTED: Council District 10
SUBJECT:
The purchase of Toyota Field from Sports and Outdoor Recreation (SOAR) Park through a City/County Public Facility Corporation (PFC) for a cumulative amount of $18 million; and, subsequent to purchase, a lease agreement with SA FC Management LLC, an affiliate of Spurs Sports & Entertainment, to operate Toyota Field for a term of 20 years, along with certain portions of the STAR Soccer Complex, in pursuit of a Major League Soccer (MLS) franchise.
SUMMARY:
The following actions relate to the purchase of Toyota Field from Sports and Outdoor Recreation (SOAR) Park in the amount of $18 million and, upon acquisition, the leasing of Toyota Field and certain portions of STAR Soccer Complex to SA FC Management LLC, an affiliate of Spurs Sports & Entertainment ("SS&E"), for a term of 20 years and an annual rental amount of $100,000.
A. A resolution authorizing the creation of a City/County Public Facility Corporation (PFC) to acquire and hold title to 5106 David Edwards Drive, San Antonio, TX, Bexar County, also known as "Toyota Field"; approving the Bylaws and Articles of Incorporation of the PFC; approving an Interlocal Cooperation Agreement with Bexar County for participation in the PFC; and other matters related to the creation of the PFC.
B. An ordinance authorizing a $9 million contribution to be used in conjunction with $9 million in funds from Bexar County for the purchase of Toyota Field through an Earnest Money Contract between a City/County Public Facility Corporation (PFC) and Sports and Outdoor Recreation (SOAR) Park in a cumulative amount of $18 million; approving the negotiation and execution of ancillary documents necessary to purchase Toyota Field.
C. An ordinance authorizing a twenty-year Soccer Stadium Facility Lease Agreement between a City/County Public Facility Corporation and SA FC...
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