(CelebrityAccess) — The NFL’s Buffalo Bills has reached an agreement with the State of New York to build a new stadium for the team in Orchard Park.
The stadium, which will cost an estimated $1.4 billion, will be financed in part with $850 million in public funds, the largest contribution from taxpayers to fund a private sports facility in American history.
According to the New York Times, the team’s owners will contribute $350 million to the project while New York State will finance $600 million, the lion’s share of the capital investment. Erie County, where the stadium will be built adjacent to the team’s current stadium, will cover $250 million.
The announcement follows extensive negotiations between the team and officials with New York State. The Bills announced last year that they did not plan to renew their current lease at their current home field, Highmark Stadium, which is more than 50 years old.
“I went into these negotiations trying to answer three questions,” Gov. Hochul said in a statement provided to the New York Times “How long can we keep the Bills in Buffalo, how can we make sure this project benefits the hard-working men and women of western New York and how can we get the best deal for taxpayers?”
Bills owners Terry and Kim Pegula issued this statement on the New Bills Stadium project.
“We took another step today to solidify our collective goal of constructing a new stadium for the Buffalo Bills in Orchard Park. We are grateful for the time, efforts and unwavering commitment made by Governor Hochul and her team throughout this process. While there are more hurdles to clear before getting to the finish line, we feel our public-private partnership between New York State, Erie County, led by County Executive Mark Poloncarz, and the National Football League will get us there.”