Athletics and Nevada legislators have reached a preliminary agreement on a stadium funding structure, according to reports from both Mick Akers and Steve Sebelius of the Las Vegas Review-Journal And Tabitha Mueller and Howard Stutz of the Nevada Independent.
Athletics originally agreed to a land purchase just west of the Las Vegas strip and will request $500 million in public funding through county-issued bonds to be paid in taxes related to the stadium and relocation project. A few weeks later, they changed their goal to a property on the strip that currently houses a Tropicana hotel and is planning to apply a sponsorship request last week with a lower amount of $395MM.
Report on Friday indicated that there is a significant gap between what Person A is looking for and what lawmakers are willing to offer. That seems to suggest that there is at least some chance that the whole plan will fail and the club turn their attention back to Oakland, but the deal seems to push the organization closer to being able to do it. show their relocation plan.
According to both reports, the agreed-upon deal includes a total of approximately $380 million in public funds for the project. That amount includes $180 million from the state as a transferable tax credit, with $90 million to be repaid over time from stadium revenue. Then there’s $120-125 million coming from Clark County in the form of bonds and another $25 million for infrastructure improvements. The county will also exempt the property tax for 30 years, with an estimated value of $55 million.
Although the parties appear to have reached an agreement, there are still some steps to go through. It must be formally presented to the legislature, with filing likely as soon as Wednesday, and then it needs to be approved and signed by Governor Joe Lombardo. Major League Baseball’s resettlement committee also needed a rubber stamp for the project. The site is also close enough to Harry Reid International Airport that the Federal Aviation Administration will need to approve before construction can begin. Though those seem like small and surmountable hurdles compared to agreeing on financial numbers.
Assuming those loops are passed smoothly, Gaming and Leisure Properties Inc. will provide nine of the 35 acres of the Tropicana site free of charge to A’s. The club hopes to build a 30,000-seat stadium with a retractable roof in time to open for the 2027 season. Once construction is complete, ownership of the land will be transferred to the Foundation. Las Vegas Stadium Authority. That agency also took possession of the Allegiant Stadium site, the home of the Raiders, after it was completed.
