Bills new Stadium Deal Features Record $850 Million in Public Funding
The Buffalo Bills' ownership was able to exhale after an excruciating wait on Monday, when the team and New York Governor Kathy Hochul finally unveiled details on the agreement for construction of a new $1.4 billion stadium.
But, as Pegula Sports & Entertainment Executive Vice President Ron Raccuia cautioned, "we still have more work to do."
Specifically, Raccuia was referring to the state and Erie County being able to get their respective budgets approved that call for the state to provide $600 million and the county to provide an additional $250 million for construction of the outdoor facility adjacent to the Bills existing home, Highmark Stadium, in suburban Orchard Park.
The Pegula family, with the aid of a $200 million loan approved by NFL ownership on Monday, will pick up the rest of the cost and enter into a 30-year lease that will begin with the opening of the stadium, which is expected to be finished in time for the 2026 season.
The agreement also means the Pegulas will sign an extension on their lease with Highmark Stadium, which expires before the start of the 2023 season, to remain in that venue until moving across the street to their new digs.
"I wanted to accomplish two major goals: Keep the Bills in Western New York, keep them in the state of New York because this is not just a Western New York point of pride, it’s a point of pride for all New Yorkers,” said Hochul, a Buffalo native ... "and making sure that it made sense for our taxpayers in terms of our commitment and our return on the investment, which will be paid off in the next 22 years."
Not every legislator in New York is expected to agree with the financing plan, which is believed to feature the largest public-funding sum for a stadium in NFL history.
Because of that, Raccuia was careful with his words about the final but most important step in the process when asked if he was concerned the budgets won't be approved.
"No, more respect for their process," he said. "I mean, they have a vote. We respect that. We respected it from the very beginning. It's not right for us to come out [and pronounce the deal done]. They have to do their job as well."
Raccuia also pointed out that the team will pay more in taxes over the course of its lease than the $850 million it expects to get from the public to fund the construction.
More details on the new deal:
■ Despite being an open-air facility, approximately 80% of the seats will be covered.
■ Personal seat licenses will be required for all season-ticket plans, which could double the price of some packages.
■ The new facility will have fewer seats (between 60,000 and 62,000) than Highmark Stadium but will feature extra luxury boxes and suites, generating revenue that will more than make up for the reduced capacity.
■ Single-game tickets will remain available for all games for those who choose not to buy season-ticket plans.
Nick Fierro is the publisher of Bills Central. Check out the latest Bills news at www.si.com/nfl/bills and follow Fierro on Twitter at @NickFierro. Email to Nicky300@aol.com.
