[Op-Ed excerpts by COPS/Metro Leaders Beverly McClure and Rev. Dr. Jerry Dailey originally published in the San Antonio Express-News]
Make no mistake. Bexar County’s Proposition B regarding funding for a new Spurs arena downtown is not about basketball. It’s a test of our values.
Will we prioritize a tax increase with hidden costs to help hedge funds and billionaire owners become wealthier, or will we prioritize fairness and safety for San Antonio and Bexar County families?...
If the last three arenas paid for by our tax dollars didn’t solve poverty, why would a fourth one? This is not “investing in our future.” It’s further divesting from working families.
Proposition B would raise taxes to help fund a new arena for the Spurs ownership, which now includes billionaires and hedge funds from Austin, San Francisco and New York — including a San Francisco-based hedge fund called Sixth Street, which manages more than $75 billion in global assets...
Across the country, billionaire owners and hedge funds promise jobs, economic growth and new development if taxpayers just foot the bill. Real independent studies show those promises rarely come true and always come with hidden costs to the taxpayer.
In San Antonio, it’s no different....
In 2012, the Spurs were worth about $400 million. Today, they are worth $4 billion. A new arena would raise their valuation by at least another billion.
Let’s be honest, this is corporate welfare.
The Spurs are part of San Antonio’s identity and history. But loving the team does not mean writing a blank check. We can support our team and still stand up for fairness, fiscal responsibility and our community’s future.
Proposition B is not just another ballot measure. It is a test of our values. Will we put San Antonio families first or out-of-state billionaires and hedge funds?
We are defending public money and resources for the public good and believe the choice is clear. We should protect San Antonio families and say no to new taxes.
There is Little Public Benefit to a Publicly Funded Spurs Arena Downtown, San Antonio Express-News [pdf]