Now that a site and a funding model are on the table, a committee studying a Las Vegas stadium for the Oakland Raiders is moving up a crucial meeting.
The Southern Nevada Tourism Infrastructure Committee has until the end of this month to present its findings to Nevada Governor Brian Sandoval. Recent weeks have been marked by significant progress for the Raiders’ stadium proposal, which calls for a $1.9 billion project to be constructed north of Russell Road.
As far as the private sector money is concerned, there is a clear framework in place. Billionaire Sheldon Adelson has been a major backer of the Las Vegas stadium, and its offering his financial support. However, the key piece that remains in question is the $750 million public contribution that would come from a hotel tax increase.
Initially, the Southern Nevada Tourism Infrastructure Committee was not to meet again until September 15. Now, however, the committee will be meeting one week earlier on September 8. This decision came at the behest of the developers involved in the project, who are looking to accelerate talks and have a final decision on the $750 million request by January. More from the Las Vegas Review-Journal:
Adelson family representatives have stressed the importance of developing a committee recommendation quickly to maintain a timeline that would include scheduling a special session of the Legislature and preparing a presentation for National Football League owners in January.
It’s not as likely that the stadium plan would be finalized since further discussions are expected on the developers’ request for $750 million in public funds through a 0.88 percentage-point increase in the existing 12 percent room tax.
The Adelson family has pledged to donate $650 million for the stadium and the Raiders would submit $500 million to build it. Adelson would be responsible for any cost overruns.
Thus far, Adelson has been aggressive in trying to push the project forward. Aside from working with his Las Vegas Sands Corp to back the stadium, Adelson has argued against claims that the proposal needs to be tied to a separate convention center initiative to move forward.
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