New York taxpayers will commit an unprecedented $850 million in public money toward the construction of the Buffalo Bills’ brand-new $1.4 billion stadium, according to the terms of a deal between the NFL franchise’s billionaire owners and state officials released Monday.
New York state will earmark $600 million toward the stadium’s construction in its annual budget proposal due Friday, while Erie County will cover $250 million, according to Gov. Kathy Hochul’s office. The NFL and the Bills will cover the remaining $550 million.
The agreement followed weeks of closed-door negotiations between Hochul, Erie County officials and Bills owner Terry and Kim Pegula – who had threatened to relocate the franchise unless the state provided public funding toward a new stadium.
The governor’s office said the projected tax revenue and overall economic impact from the stadium would more than offset the public contribution – shaking off critics who argue the plan would amount to corporate welfare despite the Pegula family’s deep pockets.