Buffalo, N.Y. (WBEN) - It's not uncommon of Erie County to issue bonds to institutional investors to pay for a variety of infrastructure projects. Starting next month, though, the county is giving the public the first opportunity to buy bonds in something generational: The new Buffalo Bills stadium.
"We're going to be issuing $125 million in bonds to help us pay for our share of the construction of that new stadium," said Erie County Comptroller Kevin Hardwick with WBEN on Monday.
"This is a once-in-a-generation opportunity, and there might be some average Bills fans out there who normally do not invest in municipal bonds, who might be interested in saying to themselves or telling their grandchildren that I had a hand in helping construct that stadium."
The bonds will help cover half of the county’s obligation to pay $250 million toward stadium construction. The rest of the county's contribution will be paid in cash.
The bond require a minimum investment of $5,000, the county has established a website with a Q&A to address inquiries regarding the bond offering.
"Obviously, this is not for everybody, but people who do invest money in other places, who have high yield savings accounts and are Buffalo Bills fans, they might be interested in this. They may not, but I didn't want the sale of the bonds to happen and then people to find out about it and say they wish they had gotten one of those because they would have felt some affinity to the team," said Hardwick.
Hardwick advises investors who don't invest regularly to consult with their broker or financial advisor.
"The advantage, in general, of municipal bonds is that they're exempt. They're exempt from federal tax and New York State tax," he added.
The sale to individual Bills Bond buyers will be only on Sept. 23, 2024, the day before the offers open to all other outside investors.
All questions and information can be found at buybillsbonds.com.
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