New York State, Erie County and the Buffalo Bills have reached an agreement on a $1.4 billion stadium deal that will keep the team in Western New York for 30 years and be the largest-ever taxpayer contribution to an NFL stadium.
Gov. Kathy Hochul and Erie County Executive Mark Poloncarz announced a plan for $850 million in public funding on Monday, not long after NFL owners approved a $200 million loan to Bills owners Terry and Kim Pegula. The Pegulas are expected to contribute the rest of the cost, which equates to about $350 million.
The public contribution — $600 million from New York and $250 million from Erie County — is expected to be the largest-ever public investment for an NFL facility.
“I went into these negotiations trying to answer three questions — how long can we keep the Bills in Buffalo, how can we make sure this project benefits the hard-working men and women of Western New York and how can we get the best deal for taxpayers?" said Gov. Kathy Hochul in a statement. “I'm pleased that after months of negotiations, we've come out with the best answers possible — the Bills will stay in Buffalo for another 30 years, the project will create 10,000 union jobs and New Yorkers can rest assured that their investment will be recouped by the economic activity the team generates.”
Poloncarz, during a local announcement Monday, noted that the Bills will also be responsible for any project cost increases.
"We have cost certainty with regards to Erie County and New York State because the Buffalo Bills will be responsible for all cost overruns, unless such cost overruns are created as a result of the inaction or action by county government or state government," Poloncaz said. "Don't anticipate that to happen, because we are going to get this deal done and all the items that are required and associated with it.”
The announcement comes after months of behind-closed-doors negotiations and speculation.
The new stadium will be built across the street from the current one in Orchard. It will be an open-air facility with a minimum of 60,000 seats.
Some, including the Buffalo NAACP and a fan group called “Bills in Buffalo,” had called for a new stadium to be built in downtown Buffalo. They argued building downtown as opposed to the suburbs would have a greater economic impact.
However, a state-commissioned study released in November found building a downtown stadium would cost an extra $750 million because of the need to acquire land and upgrade infrastructure.
The funding announced Monday will be subject to approval from both state and county lawmakers.
Hochul said she plans to push for the state’s share in the 2022-23 budget, which is due Friday. Erie County lawmakers have previously expressed concern about being asked to approve a stadium deal “at the last minute.”
Editor’s note: This is a developing story from WBFO. Check their site for updates.