The stadium is receiving $600 million from the state of New York, $250 million from Erie County and at least $550 million from the Buffalo Bills and the NFL. In addition, the deal includes a non-relocation agreement, which would require the team to repay the public contribution spent to build and maintain and the cost of demolishing the new stadium, if it decided to leave Buffalo in the first 14 years of the lease. From year 15 through 30 the Bills’ obligation to repay the public contribution declines, reaching zero in the final year of the lease. However, the State could still demand the team to pay for tearing down the new stadium.
The Loeb team that represented the Buffalo Bills was led by Entertainment, Music & Sports partner Scott Zolke and included Raymond Sanseverino, chair of the firm’s Real Estate practice, partner Allan Abshez and associate Connie Pak; Advanced Media & Technology associate Lisa Wiznitzer; Tax partner Marcus Owens; Litigation partner John Gatti; Corporate partner Allan Duboff; Sports co-chair Brian Socolow; Advertising, Marketing & Promotions chair Brian Heidelberger; and Advanced Media & Technology associate Ryan Raccuia.
More information can be obtained from The Buffalo News’ website (subscription required).