Only six days late…
New York lawmakers have a deal in place and could officially pass the state budget on Friday if all goes well. The 2022-2023 budget includes a plan for $600 million in state funding for a new stadium for the Buffalo Bills.
“We have come to a conceptual agreement,” Governor Kathy Hochul told reporters on Thursday evening.
The budget was due on April 1, but when lawmakers couldn’t reach a full agreement, they passed a one-week stopgap.
It’s still unclear where the $600 million in state money for the Bills’ stadium will come from, but Hochul announced last week that a large chunk would come from recently released gambling revenues from the Seneca Nation in Western New York. Only $172 million would need to be accounted for in the new budget.
The NFL Owners have agreed to a $200 million loan to help the Pegulas finance the stadium. That loan will be repaid through visiting team ticket revenue over the course of the lease.
Bills owners Kim & Terry Pegula will pay $350 million, but not really, as the ownership has already announced each season ticket holder will need to purchase Personal Seat Licenses (PSLs) that will make up the bulk of that money.
The last domino that will need to fall into place after the state budget passes is Erie County, which needs to approve $250 million county executive Mark Poloncarz committed to in negotiations. That’s expected to happen within the next 30 days and isn’t a concern at this time.