Findlay: What just happened?
A controversial plan to build a $200 million professional soccer stadium in Downtown Las Vegas is one step closer to reality. The plan, from the Cordish Companies and Findlay Sports & Entertainment, got the OK from City Council October 1 in a 6-1 vote. Only Councilman Stavros Anthony said no.
But in the aftermath of the vote, even the major players were not quite certain what was approved and what was denied during the hearing.
Cordish and Findlay wanted the city to borrow $40 million to help pay for the 24,000-seat stadium. Over 30 years, the loan would have cost taxpayers $3 million a year, or a total of $90 million with interest. The developers also asked for $21 million to be derived from a sales tax levied in the tourism district, plus $14 million in infrastructure work, reported the Las Vegas Sun. Though officials made it clear the city is unwilling to pay $3 million a year, the rest of the deal is still fuzzy.
Justin Findlay, managing partner of Findlay Sports, came away from the hearing pleased about the outcome of the hearing?“We survived,” he said. “We’re happy to be still in the game”?but also confused about what exactly happened. “We need to better understand what was just approved,” Findlay said. “It’s obvious the city wants us, but we have to figure out the finance piece.”
He referred to the $21 million from a tourism-district tax and $14 million in infrastructure help. It remains unclear if the city will kick in those funds, the Sun reported.
