BUFFALO, NY (WKBW) — No Buffalo Bills football for your Sunday, but with so much excitement for Bills game day Monday, Erie County says it offers you a ‘once-in-a-lifetime’ chance to invest in the news Bills Stadium in Orchard Park.
7 News Senior Reporter Eileen Buckley tells us what this means for the county and for Bills buyers.
“This is special. This is a once in generational opportunity,’ declared Kevin Hardwick, comptroller, Erie County.
Erie County is offering you an investment they think you might be interested in buying Bills Bonds. It’s a chance to invest in the new Buffalo Bills Stadium that is under construction in Orchard Park.
"It's an investment opportunity, but it also has an emotional attachment to it,” commented Hardwick.
The Bills Bonds go on sale starting Monday, one day before the bonds go on the market to outside investors.
Comptroller Hardwick is making the big push to sell $125 million worth of bonds. That would help pay off the county's commitment of $250 million for its share of the stadium project.
I asked Hardwick what you would need to do to buy the Bills Bonds. He says you should start by going on to Buybillbonds.com.
"What you'll need to do is — you'll need to set up a brokerage account. If you have one already, you probably should speak to your financial adviser,” explained Hardwick. "And it's a minimum of $5,000?” Buckley questioned. “Minimum of $5,000. People said why can't you do it lower than that then it gets really unwieldy,” replied Hardwick.
If you buy the Bills Bonds you will get interest back on your investment, but right now buyers won't know the interest rate until after the bond sale closes and that's not until October 8th.
"Erie County taxpayers are going to be paying back these bonds over the years. They're going to be paying back the $125 million principal. They're also going to be paying interest on that. This gives people an opportunity to get in on the other end of this and receive some of that interest,” responded Hardwick.
The bounds are tax-free, exempt from both state and federal taxes.
I did reach out to some avid Buffalo Bills fans for their reaction to buying these bonds. they declined on-camera interviews, but one told me he would want to know the interest rate before purchasing them. Another Bills fan told me just because you’re a Buffalo Bills fan doesn't mean you should buy them, and make sure to do enough research ahead of a purchase.
