ORCHARD PARK, N.Y. (WKBW) — Earlier this week Erie County offered a "once-in-a-lifetime" chance to invest in the new Buffalo Bills Stadium in Orchard Park through "Bills Bonds."
The "Bills Bonds" went on sale Monday to individuals before they went on the market to outside investors on Tuesday. It was a push from the county to help pay off its commitment of $250 million for the stadium project.
The minimum investment for individuals was $5,000. They will get interest back and the bonds are exempt from federal and state taxes.
According to a spokesperson from the comptroller's office, there were around 100 individual buyers for the retail offering who placed $2.7 million in orders and institutional investors placed orders for over $200 million. ''
"We were oversubscribed for the sale which is not uncommon and a good problem to have," the spokesperson said.
The total amount of the sale was $110 million and that is because the county wants a total of $125 million deposited in its account.
The county will not have more information until the deal closes on October 8.
“This is special. This is a once in generational opportunity," Erie County Comptroller Kevin Hardwick told 7 News.
We spoke to Hardwick on Sunday, he also said "It's an investment opportunity, but it also has an emotional attachment to it." You can watch our previous report below.
“They will not own the stadium, but they will have done an investment in the stadium to help us build it and also make some money off of it in the long run,” Erie County Executive Mark Poloncarz told 7 News.
We spoke to Poloncarz and a Bills fan on Monday about the Bills Bonds. You can watch our previous report below.
