Yes, New York and Erie County will plunk down a record $850 million to build a new Bills stadium. But that’s the full extent of the public contribution.
If the stadium costs run higher than expected — and they often do — Bills owners Terry and Kim Pegula will pay the difference.
New York Governor Kathy Hochul called that detail “significant.” And it is. With supply-chain issues and fuel expenses and inflation generally driving up the price of everything, the stadium will cost more than expected.
Given that PSLs will be used to finance a large percentage of the contribution to be made by ownership, it’s fair to wonder whether the final PSL pricing will take into account the cost overruns.
Regardless, it’s a pretty sweet deal for the Bills to get $850 million in public money, assuming lawmakers approve the budget. And the Bills and the NFL should be very happy that the same people who vote for those lawmakers won’t be voting up or down on the stadium financing proposal. In nearly every American jurisdiction, the nays would have it on any such ballot measure.