The NFL is looking to spend up to $1.6 billion on a new stadium to replace Houston’s NRG Stadium in 2018 and the team’s 2018 Super Bowl bid, according to multiple reports.
The plan would also include $250 million in new taxes for the city, according a source with knowledge of the plans.
The Houston Chronicle reports the new stadium will be paid for through the city’s $1 trillion capital plan, a $400 million stadium renovation that would be financed through the NFL’s new stadium tax, and a new $1 million stadium tax on existing stadiums that the city hopes to generate by 2026.
The plan also includes a $250,000 cap on new stadium construction, and an expansion of the existing NRG stadium that would have capacity for a capacity of 60,000 people, according the report.
The city would also get a 10-year, $250-million loan to help pay for a new NFL stadium that is not already built, as well as new tax incentives to help the city generate more money to finance the stadium.
The move to buy NRG is likely to spark protests from residents in the Houston area, who have expressed their disapproval of the project, and city leaders, who are considering the new plan.
The NFL has not yet released a response to the criticism, but it is expected to address the issue during the next two weeks.
The Chronicle reports Houston is also in talks with a number of other teams in Texas, including the Texas Rangers, San Diego Padres, and the Houston Astros.