Bexar County votes to form San Pedro Creek Development Authority

During its Jan. 7 meeting, the Bexar County Commissioners Court voted unanimously to form the San Pedro Creek Development Authority, which will oversee the Missions stadium project and the surrounding area during and after development.

What you need to know

The San Pedro Creek Development Authority is a government corporation, which will issue bonds for the construction of the downtown ballpark and the development of the surrounding area. The SPCDA will issue approximately $126 million in bonds for the initial development. These bonds will be backed by revenue from the Houston Street tax increment reinvestment zone—a tool to fund development within a set geographic boundary.

Repayment of the bonds includes:

• A $1 million annual lease payment for use of the ballpark
• A $2 fee per ticket per ticketed event at the ballpark

The governing board of the SPCDA will consist of three city officials, three county officials and three representatives from developers Urban Weston and the Missions owners Designated Bidders.

As part of the memorandum of understanding agreed upon by county officials, city officials, the developers and team ownership, the SPCDA will also own the ballpark once construction is completed.