New York State may pay for a portion of the new Buffalo Bills stadium using cash instead of issuing long-term debt, due to the rising interest rates.
The state has committed to funding about 30% of the $1.4 billion stadium’s construction, which was approved on March 28, in order to ensure that the Bills continue to stay in western New York for at least the next three decades.
Of the $1.4 billion in total costs, $600 million will come from the state, including $418 million in payments from the Seneca Nation, while Erie County taxpayers will contribute $250 million.
The NFL and the Bills franchise will pay the remaining $550 million.
The Bills organization aims to begin construction on the stadium by early April.
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