DEPARTMENT: Convention & Sports Facilities
DEPARTMENT HEAD: Michael J. Sawaya
COUNCIL DISTRICTS IMPACTED: Council District 10
SUBJECT:
The negotiation of terms and conditions to purchase Toyota Field from Sports, Outdoor and Recreation (SOAR) Park, a Texas non-profit corporation, and, upon acquisition, leasing Toyota Field for a period of 20 years to Spurs Sports & Entertainment ("SS&E").
SUMMARY:
This Resolution authorizes City staff, in coordination with Bexar County ("County") and SS&E, to negotiate the terms and conditions of a purchase agreement for the acquisition of Toyota Field and, upon purchase, to lease Toyota Field to SS&E for a term of 20 years.
BACKGROUND INFORMATION:
Recent discussions regarding San Antonio's pursuit of a Major League Soccer (MLS) franchise have resulted in a concerted effort by the City, County and SS&E to purchase Toyota Field from Sports, Outdoor and Recreation (SOAR) Park through its representative Gordon Hartman. Under the proposed terms, the City and County would each provide $9 million to purchase Toyota Field for $18 million, and SS&E would provide an additional $3 million to SOAR, for a total transaction of $21 million. Upon acquiring Toyota Field, ownership would vest in the City and County. A separate lease agreement would be concurrently negotiated to provide SS&E with a 20- year lease of Toyota Field and STAR Soccer Complex where SS&E will operate a minor league soccer team while pursuing an MLS franchise.
ISSUE:
The City desires to enter into negotiations for both the purchase and lease of Toyota Field provided that certain parameters are met by all parties and due diligence, to include inspection, is completed on the property. These parameters of negotiation include:
* The City and County each providing $9 million towards the $18 million purchase of Toyota Field;
* The City and County creating a Public Facilities Corporation (PFC) to acquire and maintai...
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