Warriors To Bring Millions in Tax Revenue to San Francisco

May 17, 2017 | Blog

The Chase Center AccommodationsAerial view of the Chase Center and San Francisco Bay

The Golden State Warriors will soon be shooting hoops at their new $1 billion arena, located in the Mission Bay neighborhood of San Francisco. The Chase Center will officially open for the 2019-2020 season. In fact, San Francisco Mayor Edwin M. Lee will attend the ribbon-cutting ceremony for the new sports complex, along with Coach Steve Kerr, Kevin Durant, and a number of Golden State’s stars.

While most fans are celebrating the new arena, the road to changing venues faced a myriad of legal challenges and concerns. This mainly revolved around traffic concerns in the area, which is still a topic of debate as the project moves forward. The Warriors have wanted a new arena for some time now — and the ownership group finally agreed. Led by Peter Guber and Joe Jacob, the owners opted to privately finance the area — which will replace the Oracle Arena in Oakland. Oracle arena is currently the NBA’s oldest venue in existence.

The new 18,000-seat arena will feature cutting edge and innovative technologies. With state-of-the-art amenities, the venue will also be designed to reflect the diversity and growth of the Bay Area. With 11 acres of restaurants, public plazas and offices — the arena is sure to be a center of attraction and nightlife for many locals and visitors

Tax Revenue and Economic Benefits

According to Mayor Lee, the Chase Center is slated to provide great economic benefits for San Francisco. This includes thousands of new jobs and literally millions in new tax revenues for The City. Similarly, the venue will fill the current void in San Francisco’s arts and events facility scene. More importantly — the arena will ensure that the beloved Warriors remain the Greater Bay Area. In order to secure the projected millions in new tax revenues, the team and ownership are financing the arena without any public funding.

Funding for the arena got a huge boost when JPMorgan Chase secured the naming rights a year ago. This deal is for a solid 20 years and at an estimated price of $300 million. According to industry monitors, this is the richest arena naming rights deal ever in the United States.

According to Warriors President Rick Welts, the team –and ownership — always had a vision of privately financing a state-of-the-art sports facility in San Francisco. However, they also wanted the venue to be a multi-purpose arena; one that could easily facilitate entertainment events as well. With the creation of the new Chase Center, their dreams –and that of the fans — are soon to become realities. The venue will not only be the home of the Warriors — but will also showcase concerts, family shows, conventions, charity events and so much more. The Golden State Warriors were purchased by Guber and Lacob — for $450 million — back in 2010. This is still considered one of the greatest investments in NBA and sports history. The ownership team now looks to expand their base with the Chase Center — a venue that is sure to drive new tax revenues and profits for the entire City of San Francisco.

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