Taxpayers still would contribute millions per year
The Downtown Las Vegas sports stadium proposed by the Cordish Companies and Findlay Sports & Entertainment has a new funding proposal.
Previously, the business partners sought a $90 million, 30-year subsidy from the city of Las Vegas for the $200 million stadium. That didn’t sit well with the public, so the developers came up with a new formula: the city would borrow a maximum of $50 million instead of the $115 million proposed in the old deal. Cordish/Findlay would assume $65 million in debt to lower the city’s financial liability.
In a news conference last week, Justin Findlay, managing partner of Findlay Sports, said, “We heard from residents that the city had too much risk.”
Cordish COO Zed Smith added, “The considerable risk has been shifted.”
The Las Vegas City Council voted to keep the bid going, voting 6-1 to allow the developers to continue efforts to acquire a Major League Soccer franchise.
Of course, the city is not completely off the hook. Cordish and Findlay still want taxpayers to kick in $3 million per year for 30 years. The city would derive the $3 million from hotel room taxes, reported the Las Vegas Sun.
Mayor Carolyn Goodman and Councilman Ricki Barlow applauded the revised deal, but Councilman Bob Coffin said the new terms “fall short” and would “dilute the scarce resources we have.”
“If they floated all the bonds privately and carry the $3-plus million cash request, I probably would support it,” Coffin said. “My ward’s parks are smaller and more in need of funds than others. It is a fight for money, and it will get worse with this deal.”
Under the new deal, Cordish/Findlay would keep all stadium revenue, the Sun reported; under the prior arrangement, the city would have received rent from the companies.
The stadium would be built on 61 acres at Symphony Park in Downtown Sin City; its construction hinges on the partners bringing a Major League Soccer team to town.
