Residents would foot most of the bill
Las Vegas City Council failed to vote last week on a controversial soccer stadium proposal that would require $127 million in taxpayer dollars. The vote was postponed until October 1 so city officials could get more public response to the planned $200 million Major League Soccer stadium, a public-private partnership between the city, the Cordish Companies and Findlay Sports & Entertainment.
The proposal calls for the public to pay 78 percent of the costs, according to the Las Vegas Review-Journal. Cordish and Findlay would repay the city 59 percent of the stadium project costs in the form of rent and other payments “to minimize the risk to the city,” which would own the stadium.
Construction is contingent on the city getting a major league team, a goal embraced by Mayor Carolyn Goodman. “The time to bring professional sports to Las Vegas is now,” Goodman said in a statement.
The soccer stadium is planned for Downtown Las Vegas. Meanwhile, a $375 million arena is being built by the partnership of MGM Resorts and Anschutz Entertainment Group near New York-New York, CityCenter and the Monte Carlo. The 20,000-seat arena is set to open in spring 2016.
The plaza will include a pedestrian mall and park, stores and restaurants to complement the $550 million Linq development, the Review-Journal reported.
