New York Gov. Kathy Hochul and Erie County Executive Mark Poloncarz reached a deal with the NFL to finance jointly the construction of a new $1.4 billion stadium for the Buffalo Bills, with New York taxpayers covering $850 million.
Under the agreement, the NFL and Bills are set to spend $550 million on the venue, Erie County will chip in $250 million, and the other $600 million will be paid for by the state. In addition, the team will remain in Buffalo for at least the next 30 years.
“The Buffalo Bills are ingrained in the heart and soul of every Western New Yorker,” Poloncarz said in a press release Monday. “It was essential that we entered into an agreement that ensured the team stayed in Buffalo, but was also a fair deal for the people of Erie County and New York. That is exactly the agreement that has been reached.”
TOM BRADY WON’T RETIRE AFTER ALL, ANNOUNCES RETURN TO TAMPA BAY BUCCANEERS
Hochul and Poloncarz said the construction will create 10,000 union jobs and that the county will no longer pay annual operating and capital expenses, reducing the costs for taxpayers on the lease.
In the proposal, public financing for the stadium is roughly 60%, a lower figure than the 100% public financing for Highmark Stadium’s 1973 construction and lower than the percentages for multiple renovation projects over the years, according to the governor’s statement.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
The new stadium will include a minimum of 60,000 seats and will be owned by the state of New York and loaned to the Bills. If the team breaks the agreement, the state and county hold the right to go to court, according to the statement.
The stadium can also be used for civic purposes such as vaccination delivery, election operations, and emergencies.
