Later this week, officials are expected to discuss information relating to the financing of a new Las Vegas Stadium for the Oakland Raiders.
The key date in the immediate future for the project is this coming Thursday, when The Las Vegas Stadium Authority will hold its next meeting. A notable agenda item for that meeting relates to the construction financing package, and it is anticipated that some information on the plan will be revealed.
The new Las Vegas stadium, as proposed, is the centerpiece of a $1.9 billion project. Within that funding model includes $750 million in public dollars that was authorized last October. Additional details on the financial makeup of the plan are expected to be presented Thursday. More from The Las Vegas Review-Journal:
In addition to the public funding, the Raiders have three potential funding sources: personal seat licenses sold to season ticket holders, a loan from Bank of America and a National Football League stadium construction loan program.
The Raiders haven’t submitted materials to the authority in advance of Thursday’s meeting, so it’s unclear how much detail will be provided on dollar amounts.
The authority isn’t scheduled to act on the leasehold mortgage agreement this month and will likely take it up in September. But authority members are scheduled to receive a report on Bank of America’s ability to step in and assume the rights as the leasehold mortgagee should the Raiders fail to meet their loan commitments.
“It’s a general presentation on how the deal itself is going to be structured and how the public knows there is sufficient financial security to ensure that the Raiders can fulfill their obligations under the agreements as required by Senate Bill 1,” said Jeremy Aguero, a principal for Applied Analysis, the Las Vegas company serving as the authority’s staff. “That presentation and those findings are specifically required by the legislation.”
The Raiders have already received the NFL’s approval to relocate to Las Vegas, but the team is still working with local officials to knock out several steps that must be completed before construction of the new stadium can begin. The Las Vegas stadium has an estimated opening of 2020.
Rendering courtesy MANICA Architecture.
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