New York taxpayers will be asked to commit $850 million in public funds toward construction of a new Buffalo Bills stadium.
The deal is meant to secure the NFL team's long-term future in Buffalo, with the proposed 60,000-plus-seat facility to be built across the street from the Bills' current stadium.
Although the taxpayer burden of 60% is considered high, the agreed upon funding falls in line historically. The state and county have shared about 73% of the cost to build, maintain and upgrade the Bills' existing facility, now called Highmark Stadium, which opened in 1973. Without going into detail, Hochul said the project will create 10,000 union jobs with the commitment recouped by the economic activity generated by the team. The state previously projected the Bills — the only NFL team actually based in New York — generate $27 million in direct annual income for the state.
Under the G4 program rules, Bills owners Terry and Kim Pegula are required to at least match the loan.Hochul did not include the Bills stadium commitment in the $216 billion budget proposal submitted in January, which will now be added this week. Hochul said there are numerous options at her disposal to draw upon the necessary money to fund the project.
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