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News, Blog and GuidesThe Buffalo Bills are staying in New York and they’re about to get a new home. Team owners have signed an agreement for a $1.4 billion stadium.
Gidget AlikpalaG_AlikpalaUpdate: Mar 28th, 2022 19:44 EDT
The Buffalo Bills are not leaving New York. State officials have reached a 30-year agreement with team owners Terry and Kim Pegula for a new open-air arena for the Bills worth $1.4 billion that is scheduled for completion in 2026.
“We took another step today to solidify our collective goal of constructing a new stadium for the Buffalo Bills in Orchard Park. We are grateful for the time, efforts, and unwavering commitment made by Governor Hochul and her team throughout the process,” according to a statement released by the Bills owners.
A statement from Terry and Kim Pegula on the new Bills stadium project. pic.twitter.com/eOy970NM7T
— Buffalo Bills (@BuffaloBills) March 28, 2022
Taxpayers to pay for stadium
New York Gov. Kathy Hochul announced that the new venue would create 10,000 jobs. In a statement, she said she wanted to ensure that the Bills would remain in Buffalo, and that taxpayers would get a good deal.
The new stadium will be owned by New York State and will make use of $850 million in taxpayers’ money- $600 million from New York, and $250 million from Erie County. The Erie County Stadium Corporation would lease the arena to the team.
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Both the New York State Legislature and the Erie County Legislature still need to approve the public funding. Gov. Hochul had come under fire for spending taxpayer money on a football stadium.
The NFL will loan $200 million for construction expenses, while the remaining $350 million will be shouldered by the team owners.
Bills announce 30-year deal for new $1.4 billion stadium in Orchard Park. The official groundbreaking scheduled for next spring and aiming for 2026 completion. 62,000 seats, open air, “built for Buffalo,” per Pegula Sports EVP Ron Raccuia. pic.twitter.com/1atuAZUrKQ
— Cameron Wolfe (@CameronWolfe) March 28, 2022
