New York State taxpayers will be the primary funders of a new stadium for the Buffalo Bills under an agreement reached Sunday.
A total of $850 million in public money will fund this $1.4 billion project in Orchard Park, near Buffalo, according to the New York Times daily. Thus, $600 million will come from New York State and $250 million from Erie County.
The NFL has also agreed to loan the Bills $200 million, so the owners will shell out $350 million.
“We have taken another step [dimanche] to solidify our collective goal of building a new stadium for the Buffalo Bills at Orchard Park, owners Terry and Kim Pegula responded in a statement. We are grateful for the time, effort and total commitment of Governor Hochul and her team during this process. While there are still hurdles to overcome before we get to the finish line, we feel the public-private partnership between New York State, Erie County and the NFL will get us there.”
For Governor Kathy Hochul, this agreement was important. The Bills are indeed the only team playing in New York State; the Giants and Jets play their home games at MetLife Stadium in East Rutherford, New Jersey.
She also believes that this commitment will be beneficial for all.
“I came 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 hardworking men and women of Western New York? And how can we get the best deal for taxpayers?” she said.
“I am happy that after months of negotiations, we have found the best answers possible.”
The project would allow the Bills to leave Highmark Stadium, built in 1973, in 2026.
