DEPARTMENT: Convention & Sports Facilities
DEPARTMENT HEAD: Michael J. Sawaya
COUNCIL DISTRICTS IMPACTED: Council District 10
SUBJECT:
The purchase by the City of San Antonio ("City") and Bexar County ("County") of Toyota Field from Sports and Outdoor Recreation ("SOAR") Park through a City created Public Facility Corporation ("PFC") for a cumulative amount of $18 million; and, subsequent to purchase, execution of a lease between the PFC and SA FC Management LLC ("SA FC"), an affiliate of Spurs Sports & Entertainment ("SS&E"), to operate Toyota Field for a term of 20 years, along with a lease agreement between the City and SA FC for certain portions of the South Texas Area Regional ("STAR") Soccer Complex, in pursuit of a Major League Soccer ("MLS") franchise.
SUMMARY:
The following actions relate to the purchase of Toyota Field from SOAR in the amount of $18 million and, upon acquisition, the leasing of Toyota Field and certain portions of STAR Soccer Complex to SA FC for a term of 20 years at an annual rental amount of $100,000.
A. An ordinance authorizing a $9 million contribution by the City to be used in conjunction with $9 million in funds from the County for the purchase of Toyota Field through an Earnest Money Contract between the PFC and SOAR in a cumulative amount of $18 million; approving the negotiation and execution of ancillary documents necessary to purchase Toyota Field.
B. A resolution authorizing the creation of a 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 the County for its participation in the PFC; and other matters related to the creation of the PFC.
C. An ordinance authorizing the PFC to enter into a Soccer Stadium Facility Lease Agreement with SA FC for a term of 20 years at an annual rental amount of $100,000.00;...
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