The Spurs revealed a $1 billion-plus plan, according to News 4 San Antonio, that will include building a new arena in downtown San Antonio, as well as a large development project that will target growth in the area.

The San Antonio Spurs announced that they are ready to heavily invest in their efforts to land a new arena. The team stated in a letter to the San Antonio mayor and city planner that they will commit more than $1 billion toward Project Marvel, which includes the construction of a new downtown arena and surrounding development.

The San Antonio Spurs are offering to pay for what could be one-third of the cost of a new downtown arena, in addition to contributing to childhood education initiatives. Why it matters: City officials and the public have long awaited news of what the NBA team said it would commit to paying before advancing a new arena and surrounding entertainment district.