Whole thing hinges on recruiting MLS expansion team
Las Vegas City Council last week approved a proposed Downtown sports arena to be developed by the Cordish Companies and Findlay Sports & Entertainment.
In a 4-3 vote on December 17, council members approved the latest funding formula for the stadium, which includes $133 million in upfront capital, $10 million in tax credits and nearly $60 million in public money from the city, KNPR-FM reported.
For years the Cordish Companies have been lobbying to bring a stadium to the city. So far the project has been held up by financing issues; Cordish and Findlay wanted the city to kick in millions in funding, a plan that was criticized by some city officials and the public.
The newest proposal would package the soccer venue with four possible park projects and a parking garage, reported the Las Vegas Review-Journal. The developers have increased the amount their own investment to $143.5 million and will pay for operating the stadium, recruiting a Major League Soccer team to the city and providing another $250 million in development for the surrounding area, the radio station reported.
City Manager Betsy Fretwell has said the private developers would bear most of the financial risk. And if Vegas can’t win an MLS team, the project will not proceed.
Councilman Bob Beers, Mayor Pro-tem Stavros Anthony and Councilwoman Lois Tarkanian all voted against the proposal. But Las Vegas Mayor Carolyn Goodman and Councilman Ricky Barlow “gave rousing speeches about the importance of using public money to improve the area,” KPNR reported.
Las Vegas is campaigning for a Major League Soccer team as MLS grows its roster from 19 to 24 teams. The league’s board of governors are entertaining bids from Vegas, Minneapolis and Sacramento.
