$1.3 billion! The Spurs' new arena has officially received city council approval and is expected to be completed before the 2032-33 season.

On August 22nd Beijing time, the San Antonio City Council approved a non-binding agreement on Thursday by a 7-4 vote, confirming the city's pledge to provide $489 million towards the approximately $1.3 billion sports arena.

The city's contribution does not require approval from San Antonio voters, but in the November 4th election, voters will decide on the final piece of the puzzle—a $311 million venue tax from Bexar County—to determine whether it will be authorized.

According to the terms, the Spurs “will not pursue any relocation opportunities” before the November vote concludes.

The Spurs currently state that the new arena is expected to cost $1.3 billion, which is lower than the initially estimated $1.5 billion. The funding will be covered as follows—

The Spurs will contribute $500 million

If approved by voters in November, Bexar County will raise $311 million through an increased venue tax

$489 million from a city bond that does not require voter approval, or 38% of the arena cost (whichever is less)

Spurs officials have indicated that any construction costs exceeding the amounts above will be borne by the team. The repayment of the city bonds will come from new revenues expected to be generated in the arena district. According to the terms, the new arena is anticipated to be completed before the 2032-33 season. The Spurs’ current arena was built in October 2002 and has been in use for 23 years.