NH District would privately source $1.1 billion to pay for its plans. The city would be responsible for paying $220 million for the new arena, $10 million for the armory renovation and the cost of infrastructure improvements in the project area. City officials have said they would cover the costs with a $350 million bond offering, potentially through the Richmond Economic Development Authority.

Over 30 years, the city would owe $620 million in principal and interest payments to investors who buy the bonds. Financial projections from a Stoney-hired consultant indicate the city could make enough new tax revenue on the project to pay back what it owes in as little as 18 years, city officials have said. That would save about $125 million.

The mayor has said the city bears no risk if the council signs off on the plans.

Monday’s council vote came after a public hearing on creating the commission. Several speakers said they were concerned that accommodating a new commission would prompt a delay in the council’s deliberations on the matter and could cause the project to unravel.

“Delaying it could only cause expensive situations that could derail the project,” said Al Bowers, a representative of a coalition of minority-owned contractors who have been in talks with NH District about how the project could create jobs.