Taxpayers still would contribute millions per year
The Downtown Las Vegas sports stadium proposed by the Cordish Companies and Findlay Sports & Entertainment has unveiled yet another 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.
Las Vegas city officials are now working on a plan to package the soccer venue with four possible park projects and a parking garage under a $45.7 million to $50.7 million bond proposal, reported the Las Vegas Review-Journal. City Manager Betsy Fretwell said the private developers would bear most of the financial risk. “They get to eat what they kill,” Fretwell told council members at a November 5 meeting. “It becomes their risk, not ours.”
The city would still borrow $46 million to $50 million, by paying $3 million annually for 30 years, Council Member Bob Beers said.
If approved, the plan would include upgrades to four parks and also help fund the stadium project. The soccer arena would require $20 million to $25 million in city funds. In addition, the city would invest $20 million in a public parking garage and related improvements around Symphony Park.
“It’s a reduced public money approach, not an elimination of public money,” Beers said.
Councilman Bob Coffin said he’s still unconvinced. “I warned that putting parks in Ward 3 does not purchase my interest,” Coffin said. “But it is refreshing to not worry about park funding being cut.”
Findlay said his goal is to explore a number of options “to see what works for both sides.” 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.
