Erie County Bonds Triumph: A Resounding Success for the New Bills Stadium

Erie County has successfully raised the necessary funds to fulfill its obligation for the construction of the new Bills stadium, primarily through institutional orders. The sale of the so-called Bills bonds was a brief but impactful event, with retail sales opening on Monday and institutional sales commencing on Tuesday, wrapping up by noon the same day.

Securing the Future of the Bills: A Collaborative Effort

Institutional Investors Dominate the Bonds Sale

The majority of the orders for the Bills bonds came from institutional investors, rather than retail buyers. Erie County Comptroller Kevin Hardwick acknowledged that the retail sales were disappointing, with only around 2.7 million raised from less than 100 individual buyers. Hardwick had hoped for a stronger emotional attachment to the Bills to drive more retail participation, but it seems the institutional investors were the driving force behind the successful bond sale.

Closing the Deal: The Final Steps

The closing period for the Bills bonds is similar to the process of buying a house. Hardwick stated that the deals are expected to close on October 8th, and once the money is received, the county will distribute it to the newly created Stadium Corporation. After this, Erie County will effectively be out of the football business, as they have operated the stadium for the past 50 years and will no longer be responsible for the associated liabilities and upgrades.

A New Era for the Bills and Erie County

The successful bond sale marks a significant milestone in the journey towards the construction of the new Bills stadium. Erie County's role in the process has been pivotal, as they have shouldered the responsibility of the stadium's operations and maintenance for the past five decades. With the transfer of these duties to the Stadium Corporation, a new chapter begins for both the Bills and the county, as they embark on a collaborative effort to secure the team's future in the region.